TPG picks 0.93 pc stake in Jio Platforms for $600 Million
New Delhi, Jun 13, 2020: Reliance Industries sold 0.93 percent stake in its digital unit Reliance Jio to global alternative asset firm TPG for $600 million (Rs 4,546.80 crore), taking the cumulative fundraising to over $13.49 billion (Rs 1.02 lakh crore) by selling nearly 22% stake that will help pare debt at the oil-to-telecom conglomerate.
"TPG will invest $600 million (Rs 4,546.80 crore) in Jio Platforms at an enterprise value of $65 billion (Rs 5.16 lakh crore)," the company said in a statement.
The investment will translate into a 0.93 per cent equity stake in Jio Platforms on a fully diluted basis for TPG.
"With this investment, Jio Platforms has raised $13.49 billion (Rs 102,432.45 crore) from leading global technology investors including Facebook, Silver Lake, Vista Equity...