RIL up 2%, hits new high as Abu Dhabi's Mubadala to buy 1.85% stake in Jio

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors.
Shares of Reliance Industries (RIL) hit a new high of Rs 1,618, up 2.4 per cent on the BSE on Friday after the company said that Abu Dhabi state fund Mubadala Investment Co will buy a 1.85 per cent stake in its digital unit, Jio Platforms, for Rs 9,093.6 crore. The stock surpassed its previous high of Rs 1,603 touched on December 20, 2019. CLICK TO READ FULL REPORT

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, and Mubadala in less than six weeks.

RIL has now sold a combined 19 per cent interest in Jio Platforms, which houses movies, music apps, and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99 per cent stake sale to Facebook Inc for $5.7 billion.

Meanwhile, the stock was quoting higher for the fifth straight trading days. It has rallied 8 per cent during the period. The company reclaimed the Rs 10 trillion market capitalisation on Thursday after the company said it has received an overwhelming response to its rights issue worth Rs 53,124 crore, which was subscribed 1.59 times. At the time pf writing of this report, RIL's market capitalisation stood at Rs 10.18 trillion, the BSE data shows.

“The rights issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the Rights issue was subscribed 1.22 times,” RIL said in a press release.

The allotment of equity shares will happen on or around June 10, 2020. The rights shares are expected to be listed on the BSE and NSE on or around June 12, 2020 under separate ISIN, it said.



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