Reliance Industries Ltd (RIL) is literally on fire today! The stock opened with a gain of 6.8% at Rs.1320 and then surged over 8.5% to an intraday high at Rs.1339.20. Its 10% UC for the day is at Rs.1359.65.
The company announced today morning that Jio Platforms and Facebook have signed binding agreements for an investment of Rs. 43,574 crore by Facebook into Jio Platforms.
This investment by Facebook values Jio Platforms at Rs.4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs.70 to a US Dollar).
Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.
The partnership between Facebook and Jio is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.
The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services.