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Jio Platforms Receives Payment For 9.9% Stake From Facebook-Owned Firm

By Staff

Late on Tuesday, Reliance Industries Limited (RIL) in a stock exchange filing said that its digital arm Jio Platforms has received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, a wholly-owned subsidiary of Facebook Inc.

"Jio Platforms Limited has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms Limited," the statement said.

Jio Platforms Receives Payment For 9.9% Stake From Facebook-Owned Firm

The payment is in line with RIL's 22 April announcement on Facebook's Rs 43,574-crore investment in Jio Platforms for a 9.99 percent stake. The conglomerate has announced 11 more such deals since.

On 3 July, RIL announced that Intel Capital, the investment arm of Intel Corp will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital's investment will translate into a 0.39 percent equity stake in Jio Platforms on a fully diluted basis.

Jio Platforms has signed 12 such deals in a span of 11 weeks wherein it has sold 25.09 percent stake to global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Saudi Arabia's PIF and Intel.

According to RIL's statement, the total investment of the list of marquee firms who have invested in Jio Platforms since April now stands at Rs 117,588.45 crore.

Story first published: Wednesday, July 8, 2020, 9:15 [IST]
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