Reliance Jio platforms raise additional 4,546.80 crore from Silver Lake: Key points

Reliance has continued to raise more for its Jio Platforms. With the latest Silver Lake investment, it has sold nearly 20% of stake in the company.

| Updated on: Aug 20 2022, 21:23 IST
Jio announces 7th big deal in less than six weeks
Jio announces 7th big deal in less than six weeks (REUTERS)
Jio announces 7th big deal in less than six weeks
Jio announces 7th big deal in less than six weeks (REUTERS)

Reliance Industries Limited (RIL) and Jio Platforms Limited (Jio Platforms) on Friday announced raising an investment of 4,546.80 crore in Jio Platforms from Silver Lake and its co-investors. This is in addition to 5,655.75 crore investment by Silver Lake announced on May 4, 2020.

The announcement follows another major investment ( 9,093.60 crore) in Jio platforms from the Abu Dhabi investor Mubadala. 

Here are some of the key points of the latest Jio deal.

- The latest investment brings Silver Lake and its co-investors to 10,202.55 crore. Facebook still remains the largest investor with 43,573.62 crore investment in an exchange of 9.99% stake.

- Jio Platforms have so far raised 92,202.15 crore including the Mubadala and additional Silver Lake investments. Nearly 20% of stake has been given to the investors.

Jio's investments as of June 5 2020
Jio's investments as of June 5 2020 (Jio)
image caption
Jio's investments as of June 5 2020 (Jio)

- Silver Lake's investment values Jio Platforms at an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore and will translate into a 2.08% equity stake in Jio Platforms on a fully diluted basis.

- Silver Lake is known to have backed several technology companies such as Airbnb, Alibaba, Alphabet's Verily and Waymo units, Dell Technologies, and Twitter.

- Morgan Stanley were financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. 

- Latham & Watkins LLP, Shardul Amarchand Mangaldas & Co and Simpson Thacher & Bartlett LLP were legal counsels to Silver Lake.

Follow HT Tech for the latest tech news and reviews , also keep up with us on Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 06 Jun, 08:42 IST
keep up with tech