On Monday, shares of Reliance Industries Limited (RIL) rose nearly 3 percent to a new all-time high of Rs 1,833.50, helping the company breach the Rs 11.5 lakh crore market cap mark for the first time ever. The market capitalisation of the Mukesh Ambani-led conglomerate rose to over Rs 11.96 lakh crore after the surge in share value.
RIL, which is also the most valuable Indian company in terms of market cap, has been on a relentless rally after signing back-to-back deals with foreign investors for its digital arm-Jio Platforms.
The most recent development on the Jio front is the launch of JioMeet app for the use of the general public. The web conferencing app that can support up to 100 users in a session and comes in the wake the coronavirus pandemic that has induced the work-from-home culture.
While prevalent web conferencing apps have been charging fees for getting a large number of users in a session, Jio is neither charging any fee nor has put any time limit on the sessions at present, according to PTI.
Further, on 3 July, the company announced its 12th deal in a span of 11 weeks. In a stock exchange filing, RIL said 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.
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.
Apart from Intel, the company has sold 25.09 percent stake in Jio Platforms to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF of Saudi Arabia since 22 April 2020.