Silver Lake increases investment
Abu Dhabi-based Mubadala Investment Company (Mubadala) will invest Rs.9,093.60 crore in Jio Platforms at an equity value of Rs.4.91 lakh crore and an enterprise value of Rs.5.16 lakh crore, it was announced on 5 June 2020.
Following the Emirate investors, Silver Lake and co-investors will pump another Rs.4,546.8 crore in Jio Platforms, the second investment by the private equity giant, the second deal over a month.
So far, Jio Platforms has raised Rs 92,202.15 crore in exchange for a 19.9% stake from some of the world’s leading technology investors.
Silver Lake’s investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, and will translate into a 2.08% equity stake in the digital assets company, RIL said in a statement on June 5.
Meanwhile, Reliance Industries Limited announced on 3 June 2020 that it has achieved successful closure of India’s largest-ever Rights Issue of Rs. 53,124.20 crore.
It was subscribed approximately 1.59 times, cumulating to an overall commitment of over Rs.84,000 crore. The Rights Issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign.
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.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Commenting on the success of the Rights Issue, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said, “The success of RIL’s Rights Issue, seen in the context of the prolonged nationwide lockdown necessitated by the COVID-19 pandemic, is also a vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in the intrinsic strength of the Indian economy.”
The Indian economy will bounce back to follow a high-growth trajectory in the time to come, and make India a leading Digital Nation in the World,” he said. fiinews.com
