Home Companies RIL raises Rs 60,596 crore from Jio Platforms stake sale to Facebook,...

RIL raises Rs 60,596 crore from Jio Platforms stake sale to Facebook, Silver Lake, Vista Equity Partners

The latest deal puts the Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, as per the data given by RIL in an exchange filing to the BSE. With this latest deal, Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.

India’s oil-to-telecom giant Reliance Industries (RIL) today announced that Vista Equity Partners – a US-based private equity and venture capital firm – , a wholly-owned subsidiary of RIL that works on digital apps, digital ecosystems and the mobile service.

The latest deal puts the Jio Platforms at an and an , as per the data given by RIL in an exchange filing to the BSE. With this latest deal, Jio Platforms has now from leading technology investors in less than three weeks, according to the company.

With this latest development, Vista Equity Partners becomes the third investor in Jio Platforms after Facebook and Silver Lake.

Vista’s investment will translate into a 2.32 per cent equity stake in Jio Platforms on a fully diluted basis, making Vista the third largest investor in Jio Platforms behind RIL and Facebook.

Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms, RIL said.

He’s a look at all the stake sale deals in Jio Platforms done by RIL in the past fortnight.

On April 22, social media behemoth at a whopping ($5.7 billion) making it the largest foreign direct investment (FDI) for a minority investment in India.

This investment by Facebook put the value of Jio Platforms at (or $65.95 billion at a conversion rate of Rs 70 to a US dollar), according to a statement by RIL to the BSE.

It further said that concurrent with the investment Reliance Retail (owned by RIL) and WhatsApp (owned by Facebook) have also entered into a commercial partnership agreement to further accelerate Reliance Retail’s new e-commerce business JioMart using WhatsApp’s platform.

Earlier this week, Silver Lake – a US-based private equity firm which invests in technology, technology-enabled and related industries – acquired a 1.15 per cent stake after it announced an .

The investment by Silver Lake was at a to the Facebook deal and put the value of Jio Platforms at an  and an , RIL said in an exchange filing to the BSE.

It said that the transaction is subject to regulatory and other customary approvals.

The latest investor in Jio Platforms is Vista Equity Partners, an American private equity and venture capital firm. RIL announced that Vista has picked .

According to RIL’s exchange filing to BSE, Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.

The Vista transaction is subject to regulatory and other customary approvals, RIL statement said.

Morgan Stanley acted as financial advisor to RIL and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Kirkland & Ellis LLP and Shardul Amarchand Mangaldas & Co served as legal counsels to Vista.

Vista is a global investment firm which focuses on empowering and growing enterprise software, data and technology-enabled companies that are reinventing industries and catalyzing change. Currently, Vista portfolio companies have a significant presence in India with over 13,000 employees.

 

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

RBI gold reserves up 40.4 tonnes in 2019-20, more than half of total holdings held overseas

The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended March 2019. With the addition of more stocks, the value of...

Currency with public continues to swell in line with coronavirus lockdown extension

The rise in currency with the public comes despite appeals by the government and the RBI to use digital payment tools amidst the coronavirus...

ICICI Bank posts 26% rise in Q4 net, sets aside Rs 2,725 cr for COVID-19-related provisions

Gross non-performing assets of the bank fell to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent...

AIIB clears $500-mn loan to support India’s fight against COVID-19

The project will be implemented by the National Health Mission (NHM), the National Centre for Disease Control (NCDC) and the Indian Council of Medical...

SBI slashes MCLR by 15 bps across all tenors

On March 27, the RBI, in its first COVID package, had slashed the repo rate by 75 bps to 4.40 per cent and cash...
Need Help? Chat with us