Reliance to sell 2.3% in Jio to PE Vista Equity for ₹11,367 crore, stock up 3%

NEW DELHI: Reliance Industries (RIL) will sell 2.3% stake in Jio Platforms to Vista Equity Partners for ₹11,367 crore, giving its subsidiary an equity valuation of ₹4.91 trillion. This is the third stake sale by RIL in Jio in just over two weeks, social media giant Facebook and private equity (PE) Silver Lake having invested in earlier rounds.

The 2.3% stake sale is at a negligible premium to the Silver Lake deal where the PE fund had paid ₹5,655.75 crore for a 1.15% stake. The Vista deal thus comes at a premium of a mere 0.5% to the Silver Lake deal.

The three global companies now own 13.4% stake in Jio Platforms. All the three transactions are subject to regulatory approvals, with the one with Facebook likely to undergo a tighter scrutiny given concerns over net neutrality.