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Reliance Industries shares touch record high on announcement of another Jio Platforms deal

Reliance Industries (RIL) shares hit a record high of Rs 1,617.70 on the BSE and Rs 1,618.00 on the National Stock Exchange (NSE) during the intraday trade on Friday after the announcement of Mubadala Investment Company's investment of Rs 9,093.6 crore into Jio Platforms.

By: Express Web Desk | New Delhi | Published: June 5, 2020 11:47:42 am
The Mubadala investment comes just days after RIL completed the country’s biggest-ever rights issue, which was oversubscribed 1.59 times.

Shares of Reliance Industries (RIL) surged 2.39 per cent to hit an all-time high of Rs 1,617.70 apiece on the BSE in the morning trade on Friday after the oil-to-telecom behemoth announced that Abu Dhabi-based sovereign investor Mubadala Investment Company will buy 1.85 per cent stake in Jio Platforms for Rs 9,093.6 crore.

On the National Stock Exchange (NSE), the scrip climbed as much as 2.42 per cent to Rs 1,618.00 per share.

With the latest 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 said in a filing to the BSE.

The latest investment in Jio Platforms comes at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, the exchange filing said.

Commenting on the deal, RIL Chairman and Managing Director Mukesh Ambani said, “Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world.”

The Mubadala investment comes just days after RIL completed the country’s biggest-ever rights issue, which was oversubscribed 1.59 times.

READ | Boost for small sellers, beyond chats on WhatsApp: What Facebook-Jio deal could mean for India

Following the rights issue, on Thursday, RIL had reclaimed the Rs 10 lakh crore market capitalisation mark. At 11:04 am, the market cap of the company was at Rs 10,12,751.39 crore, according to the data on the BSE.

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