Reliance Industries shares close over 1 pc lower at close of trade

Shares of Reliance Industries on Monday fell by over 1 per cent at close of trade.

The heavyweight stock gained 1.58 per cent to Rs 1,482 during the day on the BSE but it failed to hold on the momentum and declined 1.25 per cent to close at Rs 1,440.65 in line with weak market sentiment.

On the National Stock Exchange (NSE), shares of the company that rose by 1.54 per cent to Rs 1,482 during the day, later erased the gains and closed at Rs 1,442.55, down 1.15 per cent.

Reliance Industries on Sunday announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for Rs 6,598.38 crore, the fourth deal in less than four weeks that will inject a combined Rs 67,194.75 crore in the oil-to-telecom conglomerate to help it pare debt.

 

"This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. General Atlantic's investment will translate into a 1.34 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.

The deal follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore.

Within days of that deal, Silver Lake, the world's largest tech investor, bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, the US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.

Meanwhile, Reliance Industries' Rs 53,125-crore rights issue will open for subscription of shareholders on May 20 and will close on June 3.

Shareholders will have to pay only 25 per cent for subscribing to the issue, and the balance will have to be paid in two instalments in May and November next year, the company said.