Jio Platforms to raise Rs 11,367 crore by selling another 2.32% to Saudi Arabia’s PIF

Jio Platforms is set to raise Rs 11,367 crore by selling another 2.32% to Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF). This will be the tenth investor picking up a stake in the Reliance IndustriesNSE 1.70 %’ (RIL) telecom and digital business in eight weeks.

The investments peg Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore. With the latest investments, parent Reliance Industries stands to get Rs 115,693.95 crore from the 10 investors in exchange for 24.70 % stake, the group said in a statement Thursday.

The funds coming from stake sales in Jio Platforms and the Rs 53,124 crore from a rights issue will help lower Reliance’s consolidated net debt significantly from Rs 1.61 lakh crore at the end of FY20. Reliance is now well placed to meet its zero net-debt target by March 2021, analysts said.