MUMBAI: Jio Platforms has received subscription amounts, totalling ₹30,062.43 crore, for a 6.3% stake sale to L Catterton, PIF, Silver Lake, and General Atlantic Singapore.
"We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, received the subscription amounts from the following investors and allotted equity shares to them," parent Reliance Industries Ltd (RIL) said in a statement late on Friday. ... more...
So far, 11 global investors have bought 25.09% stake in Jio Platforms for ₹1.18 lakh crore. These investments, along with ₹53,124 crore raised through a rights issue, are helping RIL achieve its aim of becoming a net debt free company.
Jio Platforms houses RIL’s telecom business under Reliance Jio Infocomm, the largest in the country with nearly 400 million subscribers, besides other digital properties and investments.
Reliance Jio Infocomm will continue to be a wholly-owned subsidiary of Jio Platforms.
Interstellar Platform Holdings Pte. Ltd. (L Catterton) has put in ₹1,894.50 crore for a 0.39% share in the RIL subsidiary, while PIF has bought 2.23% equity for ₹11,367 crore. SLP Redwood Holdings Pte. Ltd, and SLP Redwood Co-Invest (DE), L.P. (Silver Lake) have invested ₹10,202.55 crore for a 2.08% share and General Atlantic Singapore has picked up 1.34% for ₹6,598.38 crore in Jio Platforms.
On Tuesday, Facebook Inc-owned Jaadhu Holdings LLC paid the subscription amount of ₹43,574 crore to Jio Platforms Ltd for a 9.99% stake in the latter.
The Facebook deal was the first to be announced on 22 April after which 11 more foreign investors have evinced interest in the RIL subsidiary. The deal was approved by the Competition Commission of India on 24 June.
Investors in Jio Platforms include TPG, KKR, L Catterton, General Atlantic, Vista Equity Partners, two sovereign wealth funds from Abhu Dhabi -- Abu Dhabi Investment Authority and Mubadala – and one from Saudi Arabia – Public Investment Fund.
Intel Capital, the investment arm of US-based semiconductor giant, became the eleventh foreign investor in the RIL company last week, by investing an amount of ₹1,894.50 crore last week.
According to a 21 June Mint report, analysts at CLSA, Bernstein, Kotak Institutional Equities, Goldman Sachs and Nomura pegged RIL's net liabilities at ₹2.4-2.6 in FY20.
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