Published 09:54 IST, May 4th 2020
Silver Lake buys 1.15% stake in Jio Platforms at 12.5% premium over Facebook's 9.99% deal
After the massive investment by US tech giant Facebook, Silver Lake, another leading global tech investor has agreed to invest Rs 5,656 cr in Jio Platforms.
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After massive investment by US tech giant Facebook, Silver Lake, ar leading global tech investor has agreed to invest Rs 5,656 cr in Reliance's subsidiary Jio Platforms. Silver Tech has agreed to invest Rs 5,655.75 crore to buy a 1.15 percent stake in firm that houses Mukesh Ambani's telecom arm Jio.
investment in Jio Platforms comes within days after Facebook invested USD 5.7 billion to buy a 9.99 percent stake in Jio Platforms. investment is at a premium of 12.5 percent to Facebook deal. "This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 percent premium to equity valuation of Facebook investment anunced on April 22, 2020," Reliance said in a statement.
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Facebook Buys 9.9% Stake in Jio Platforms
Reliance Industries Limited (RIL) on April 22 anunced that US tech giant Facebook had invested Rs 43,574 crore to pick up a 9.99% stake in its subsidiary Jio Platforms. deal - equivalent to $5.7 Billion - values Jio Platforms at Rs 46.24 lakh crore or $65.95 Billion (at Rs 70 per Dollar), making firm "amongst top-5 listed companies in India by market capitalization" as per Reliance's statement.
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RIL remarked that investment is "largest investment for a mirity stake by a techlogy company anywhere in world and largest FDI in techlogy sector in India" and that it will accelerate "India’s all-round development, fulfilling needs of Indian people and Indian ecomy."
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(With ncy Inputs)
09:54 IST, May 4th 2020