RIL shares hit fresh high with another investment in Jio
Mumbai, June 8, 2020
Shares of Reliance Industries (RIL) touched a fresh all-time high of Rs 1,624, a day after the company announced another major investment into its wholly-owned subsidiary Jio Platforms.
On Sunday evening RIL announced an investment of Rs 5,683.50 crore by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
After hitting the new high, the shares trimmed the initial gains. At 10.52 p.m., its share price was at Rs 1,586.15, higher by Rs 5.55 or 0.35 per cent from its previous close.
With the latest 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.
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.