According to a media statement released by Reliance Industries Limited, Jio platforms will raise ₹4,547 crore from TPG against 0.93% stake sale to private equity giant. It is the ninth stake sale in past eight weeks. This decision will provide Jio platforms, an equity valuation of ₹4.91 trillion and enterprise value of ₹5.16 trillion. As of now Reliance has raised ₹1.02 trillion by selling stakes.
All nine stake sales are subjected to regulatory approvals. The largest stake sale was that of 9.99% to social media platform Facebook. Stake sales are a part of Reliance Industries Limited’s plan to be debt-free by March next year.
With over 388 million subscribers, Reliance Jio Infocomm will be a wholly owned subsidiary of Jio Platforms.
