InvestorQ : How much of the stake in Jio has Reliance now managed to sell after the latest deal with PIF of Saudi Arabia?
sara Kunju made post

How much of the stake in Jio has Reliance now managed to sell after the latest deal with PIF of Saudi Arabia?

Answer
user profile image
4 months ago


There was official confirmation from the company on Thursday that the Public Investment Fund - PIF of Saudi Arabia had also joined the Jio Platforms bandwagon. PIF is the sovereign fund of Saudi Arabia and it has infused $1.50 billion to pick up a 2.32% stake in Jio Platforms. This is the latest in a long list of placements that Reliance has managed successfully. With this stake sale, Reliance has now managed to sell 24.71% stake in Jio Platforms for a consideration of Rs.116,000 crore. The non-Facebook PE and sovereign fund investors have valued Jio Platforms at $65 billion overall. This infusion is extremely important for RIL as it eases the path to become zero net-debt company by March 2021. RIL has now monetized close to 25% of the stake in Jio Platforms and may not have much further room left as of now. In addition, it has also realized 25% of its rights proceeds.