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  Business   Market  08 Jun 2020  Reliance Industries shares jump nearly 3% on Abu Dhabi investment deal

Reliance Industries shares jump nearly 3% on Abu Dhabi investment deal

PTI
Published : Jun 8, 2020, 2:43 pm IST
Updated : Jun 8, 2020, 2:43 pm IST

Reliance Industries gained 2.74 per cent to touch a one-year high of Rs 1,624 on BSE

 Reliance Industries shares jump nearly 3 percent on AIDA deal. (PTI Photo)
  Reliance Industries shares jump nearly 3 percent on AIDA deal. (PTI Photo)

New Delhi: Shares of Reliance Industries on Monday jumped nearly 3 per cent after the company sold 1.16 per cent stake in its digital unit to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore.

It gained 2.74 per cent to touch a one-year high of Rs 1,624 on BSE.

 

On NSE, it rose 2.32 per cent to Rs 1,618.40 -- its 52-week high.

Reliance Industries on Sunday said it sold 1.16 per cent stake in Jip Platforms to ADIA for Rs 5,683.50 crore, taking the cumulative fund raising to Rs 97,885.65 crore that will help pare debt at the oil-to-telecom conglomerate.

"This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. ADIA's investment will translate into a 1.16 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.

With this investment, Jio Platforms has raised Rs 97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks.

 

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