Reliance sells 2.32% stake in Jio for Rs 11,367 cr, 3rd deal in 2 weeks

TIL Desk/Business/Mumbai/ Reliance Industries on Friday announced the sale of 2.32 per cent stake in its digital unit to US-based Vista Equity Partners for Rs 11,367 crore, the third deal in a little over two weeks that will inject a combined Rs 60,596.37 crore in the oil-to-telecom conglomerate to help it pare debt.

The US-based private equity firm will buy a stake in Jio Platforms, which houses the country’s youngest but biggest telecom firm Jio, at an equity value of Rs 4.91 crore and an enterprise value of Rs 5.16 crore.  “Vista’s investment will translate into a 2.32 per cent equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook,” the company said in a statement.

 The deal follows Facebook picking up a 9.99 per cent stake in Jio Platforms on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake — the world’s largest tech investor — bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. “Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks,” the company said.