Reliance Industries shares hit 52-wk high after Abu Dhabi's Mubadala deal

Shares of Reliance Industries on Friday gained over 2 per cent to hit ir one-year high level after company anunced sale of 1.85 per cent stake in its digital unit, Jio Platforms, to Abu Dhabi-based sovereign investor Mubala. On BSE, heavyweight stock jumped 2.38 per cent to Rs 1,617.70 -- its 52-week high. It surged 2.41 per cent to its one-year high of Rs 1,618 on NSE. Earlier in day, Reliance Industries anunced sale of 1.85 per cent stake in its digital unit to Mubala for Rs 9,093.60 crore, sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in oil-to-telecom conglomerate to help it pare debt.

"Mubala Investment Company (Mubala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," company said in a statement.

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leing global techlogy and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubala in less than six weeks. Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation techlogy company.