Reliance Industries (RIL) said that global alternative asset firm TPG and leading consumer focused private equity firm L Catterton will invest in Jio Platforms.
Reliance Industries said that global alternative asset firm TPG will invest Rs 4,546.80 crore in Jio Platforms. The investment will translate into a 0.93% equity stake in Jio Platforms on a fully diluted basis for TPG.
Seperately, RIL announced an investment of Rs 1894.50 crore by L Catterton, one of the world's largest consumer focused private equity firms. This investment values Jio Platforms at an equity value Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. L Catterton's investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis.
With this investment, Jio Platforms has raised Rs 104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since 22 April 2020.
RIL made these announcements on Saturday. Shares of RIL gained 3.34% to settle at Rs 1,588.80 on Friday.
Meanwhile, the shares offered in just concluded rights issue by RIL will be listed on stock exchanges today. On June 11, the allotment of partly paid-up shares to the demat accounts of the shareholders was completed by RIL. RIL's Rs 53,124 crore rights issue was India's largest-ever rights issue. It ended last week with a 1.6 times subscription.
Jio Platforms, a wholly-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.
TPG is a leading global alternative asset firm founded in 1992 with more than $79 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity. TPG is making the investment from its TPG Capital Asia, TPG Growth, and TPG Tech Adjacencies (TTAD) funds.
With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world.
RIL is India's largest private sector company. The company's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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