Jio Platform to raise INR 11,367 crore

The money just keeps flowing in for the Ambanis. Anil Ambani is all set to sell another 2.32% stake in Jio Platform, the company’s digital arm to Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF). the 2 largest investors of Abu Dhabi are Abu Dhabi Investment Authority and Mubadala. This investment has pegged the equity value of Jio Platform at INR 4.91 lakh crore and the value of the enterprise at INR 5.16 lakh crore. Including the latest investment, the parent company, Reliance Industries stands to get INR 115,693.95 crore from a total of 10 investors for the exchange of 24.7%.

Reliance is now well placed to meet its goal of zero net-debt target by March 2021. The funds from the rights issued worth INR 53,124 crore and the funds coming in from the sales of stakes in Jio Platforms. Selling a combined 1.32% stake to US private equity firms TPG and l Cattertonhe company is set to raise another INR 6,441.3 crore.

Reliance has recently sold 9.99% stake in Jio Platform digital arm of Reliance recently for $5.6 billion to Facebook. The company has received a total of $10 billion from global investors within a span of 7-8 weeks which includes firms like Silver Lake, KKR & Co., General Atlantic, and Vista Equity Partners. This puts the company on the track to be called “the everything company”.