Is Jio Platforms looking to raise more funds?
by Our BureauJio Platforms, the wholly-owned subsidiary of Reliance Industries Ltd (RIL), is reportedly scouting for more funds, with the firm in talks with two more investors.
The company controlled by Asia’s richest man Mukesh Ambani is in talks with Saudi Arabia’s Public Investment Fund for an investment, according to various media reports.
Jio Platforms, which raised a total of ₹78,562.13 crore from five global investors since April 22, is also in discussions with Abu Dhabi-based sovereign investor Mubadala Investment Company, media reports said.
BusinessLine could not independently verify these reports.
Over the last month, Jio Platforms has raised fund in lieu of a total 17.12 per cent stake sale from investors such as Facebook, Silver Lake, Vista, General Atlantic and KKR.
Jio Platforms funds raised since April 22
| Date | Company | Investment | Equity Stake |
|---|---|---|---|
| April 22, 2020 | ₹43,574 crore | 9.99% | |
| May 4, 2020 | Silver Lake | ₹5,655.75 crore | 1.15% |
| May 8, 2020 | Vista Equity Partners | ₹11,367 crore | 2.32% |
| May 17, 2020 | General Atlantic | ₹6,598.38 crore | 1.34% |
| May 22, 2020 | KKR | ₹ 11,367 crore | 2.32% |
TOTAL: ₹78,562.13 crore in exchange of 17.12 per cent stake
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