Reliance Industries (RIL) rose 1.4% to Rs 1602.95 on fresh investments into Jio Platforms.
RIL, which owns and operates Reliance Jio, hit a record high of Rs 1624 in morning trade today. The stock is up 27.4% in three months as against 7.35% fall in the Sensex.RIL on Sunday announced that a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) invested Rs 5,683.50 crore in Jio Platforms. 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. ADIA's investment will translate into a 1.16% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks.
RIL's wholly-owned subsidiary, Jio Platforms, is a technology platform providing digital services across India, with more than 388 million subscribers. ADIA is a globally-diversified investment institution that invests funds on behalf of the Government of Abu Dhabi.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, telecom and digital services.
On a consolidated basis, RIL's net profit fell 38.74% to Rs 6,348 crore on 2.5% decline in revenue to Rs 151,209 crore in Q4 March 2020 over Q4 March 2019.
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