Jio Platforms has received subscription amounts, totalling Rs 30,062.43 crore, for a 6.3 per cent stake sale to L Catterton, PIF, Silver Lake, and General Atlantic Singapore.
‘We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, received the subscription amounts from the following investors and allotted equity shares to them,’ parent Reliance Industries Ltd (RIL) said in a statement late on Friday. So far, 11 global investors have bought 25.09 per cent stake in Jio Platforms for Rs 1.18 lakh crore. These investments, along with Rs 53,124 crore raised through a rights issue, are helping RIL achieve its aim of becoming a net debt-free company.
Jio Platforms houses RIL’s telecom business under Reliance Jio Infocomm, the largest in the country with nearly 400 million subscribers, besides other digital properties and investments. Reliance Jio Infocomm will continue to be a wholly-owned subsidiary of Jio Platforms.
Interstellar Platform Holdings Pte. Ltd. (L Catterton) has put in Rs 1,894.50 crore for a 0.39 per cent share in the RIL subsidiary, while PIF has bought 2.23 per cent equity for Rs 11,367 crore. SLP Redwood Holdings Pte. Ltd and SLP Redwood Co-Invest (DE), L.P. (Silver Lake) have invested Rs 10,202.55 crore for a 2.08 per cent share and General Atlantic Singapore has picked up 1.34 per cent for Rs 6,598.38 crore in Jio Platforms. Facebook Inc-owned Jaadhu Holdings LLC paid the subscription amount of Rs 43,574 crore to Jio Platforms Ltd for a 9.99 per cent stake in the latter.
The Facebook deal was the first to be announced on 22 April after which 11 more foreign investors have evinced interest in the RIL subsidiary. The deal was approved by the Competition Commission of India on 24 June.