Reliance Industries (RIL) gained 2.04% to Rs 1,916.85 after the company said that Qualcomm Ventures has committed to invest upto Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Shares of RIL scaled a record high of Rs 1,938.80 in intraday trade today.
Reliance Industries (RIL) in an exchange filing on Sunday said Qualcomm Ventures' investment will translate into 0.15% equity stake in Jio Platforms on a fully diluted basis. The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers.
Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch and expansion of 5G. Qualcomm Ventures is the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies.
Jio Platforms, a majority-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
In a separate announcement made after market hours on Friday, 10 July 2020, RIL said that its subsidiary Jio Platforms has received subscription amounts from Interstellar Platform Holdings Pte (Rs 1,894.50 crore for 0.39% stake), The Public Investment Fund (Rs 11,367 crore for 2.32% stake), SLP Redwood Holdings and SLP Redwood Co-Invest (DE), L.P. (Silver Lake) (Rs 10,202.55 crore for 2.08% stake) and General Atlantic Singapore JP Pte (Rs 6,598.38 crore for 1.34% stake).
Meanwhile, investors are closely awaiting RIL's 43rd Annual General Meeting to be held on July 15.
On a consolidated basis, RIL's net profit fell 37.2% to Rs 6,546 crore on 2.4% decline in net sales to Rs 1,36,240 crore in Q4 March 2020 over Q4 March 2019.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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