This is the 13th investment in Jio Platforms since April 22.
Earlier on July 7, 2020, Jio Platforms had received the subscription amount of Rs 43,574 crore from Facebook. The investment will deepen the ties between Qualcomm and Jio, RIL said. The investment comes at an equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore. Consequently, the company's m-cap also went past the Rs 12 lakh crore landmark.
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This is similar to the valuation assigned by other financial investors to Jio. In its statement, Reliance said the deal would help accelerate the rollout of the 5G networks in India.
With the funds raised from Jio Platforms, the Rs 53,124 crore rights issue along with stake sale to BP in the petro-retail joint venture, the Mukesh Ambani Group company has become net debt-free well before its targeted date of March 31, 2021. The Public Investment Fund paid ₹11,367 crore for a 2.32% stake while Silver Lake units - SLP Redwood Holdings Pte Ltd and SLP Redwood Co-Invest (DE), L.P. - have bought 2.08% stake for ₹10,202.55 crore. At 1:26 pm, Reliance Industries' shares pared some gains and were up 2.50 per cent, while the m-cap stood at almost Rs 12.21 lakh crore.
Ambani had in August past year announced talks for sale of a 20 per cent in the oil-to-chemical (O2C) business to Saudi Aramco for Dollars 15 billion.