Business

Reliance closes deal with 4 investors, gets ₹30,062 crore

Photo for representation

Photo for representation   | Photo Credit: V.V. Krishnan

After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over ₹30,062 crore.

In a regulatory filing, Reliance said it has closed sale of 6.13% stake in Jio Platforms with L Catterton, The Public Investment Fund, Silver Lake and General Atlantic.

Reliance had sold a total of 25.09% stake in the subsidiary which houses India’s youngest but largest telecom firm, Jio, to 11 investors for ₹1,17,588.45 crore.

It had earlier this week closed the deal with the biggest investor Facebook when it received ₹43,574 crore from Jaadhu Holdings, LLC (a wholly owned subsidiary of Facebook Inc).

“Jio Platforms Ltd has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms Ltd,” the company had said on July 7.

Now, Interstellar Platform Holdings Pte Lte of L Catterton has paid ₹1,894.50 crore for a 0.39% stake in Jio Platforms. The Public Investment Fund paid ₹11,367 crore for a 2.32% stake while Silver Lake units — SLP Redwood Holdings Pte Ltd and SLP Redwood Co-Invest (DE), L.P. — have bought 2.08% stake for ₹10,202.55 crore.

General Atlantic Singapore JP Pte Ltd has bought 1.34% for ₹6,598.38 crore.

“We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, received the subscription amounts from the four investors,” it said.

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Printable version | Aug 13, 2020 10:42:36 AM | https://www.thehindu.com/business/reliance-closes-deal-with-4-investors-gets-30062-crore/article32049411.ece

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