Shares of Reliance Industries Limited (RIL) rose to another new all-time high of Rs 1,648.55 on BSE on news reports that it is set to announce another foreign investment for Jio Platforms.
On Monday, Gulf News citing an unnamed source said that Saudi Arabia's wealth fund Public Investment Fund (PIF) will be buying 2.33 percent stake in Mukesh Ambani-led conglomerate's digital arm for an estimated $1.5 billion. If the said deal completes, with this investment Jio Platforms will have diluted 25 percent of its equity to the long list of foreign investors, in a span of 8 weeks.
The report further said that 25 percent is the maximum the company intends to dilute to financial investors and any new investors coming on board in future will have to be strategic investors.
On Saturday evening, RIL announced the sale of 0.93 percent in Jio Platforms to global investment firm TPG for Rs 4,546.80 crore and 0.39 percent to private equity firm L Catterton for Rs 1,894.50 crore. So far, the company has announced the sale of over 22 percent of the stake for $13.72 billion collectively to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.
Further, RIL also recently completed a mega rights issue with a 1.6 times subscription. The partly paid shares of RIL that were offered in the rights issue, that were listed on Monday at a premium.