Business

Jio Platform gets Rs 43,574 crore from Facebook for 9.99% stake sale

Jio Platforms, the parent firm of Reliance Jio, has received Rs 43,574 crore from Facebook-owned Jaadhu Holdings, LLC for 9.99 per cent stake in the company, Reliance Industries said on Tuesday. The deal between Jio Platforms and Facebook was announced on April 22.

“We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, today received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC (a wholly-owned subsidiary of Facebook Inc),” RIL said in a BSE filing.

Facebook picked 9.99 per cent stake in Jio Platforms at an enterprise value of Rs 4.62 lakh crore.

“Jio Platforms Limited has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99 per cent of the fully diluted equity share capital of Jio Platforms Limited,” the filing said.

Facebook was the first of 12 marquee investors that have cumulatively invested over Rs 1.17 lakh crore in about the last two-and-a-half months to buy 25.09 per cent stake in Jio Platforms.

The last investment in Jio Platforms was of Rs 1,894.5 crore for 0.39 per cent stake from Intel Capital on Friday at an enterprise value of Rs 5.16 lakh crore.

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