Jio Platforms gets ₹60,000 crore investment in 3 weeks. RIL shares up 80% from March low

Reliance Industries today announced a ₹11,367 crore stake sale in digital unit Jio Platforms, a third deal in three weeks that will inject a combined ₹ 60,596.37 crore crore in the telecoms-to-energy group to help it pare debt.

The news announced before market hours today pushed RIL shares as much as 5% higher to ₹1,579, not far from its 52-week high of ₹1,617, hit in December. From its March 23 lows of ₹875.70, RIL shares are now up about 80%.

Private equity firm Vista Equity Partners is buying a 2.3% stake in Jio Platforms, the unit that houses Reliance’s telecoms venture Jio Infocomm. The investment from Vista Equity Partners gives Jio Platforms an equity value of ₹4.91 trillion rupees and an enterprise value of ₹5.16 trillion rupees, RIL said.