TPG, L Catterton pick up 1.32% stake in Jio Platforms for Rs 6441.3 crore

    After Facebook, now Silver Lake to invest to buy a stake in billionaire Mukesh Ambani's digital unit that houses India's youngest but biggest telecom firm.
    Facebook, Silver Lake ,Jio

    New Delhi, June 13 (PTI)
     Reliance Industries on Saturday said it has sold a further 1.32 per cent stake in its digital arm Jio Platforms for Rs 6441.3 crore to TPG and L Catterton.

    With this investment, Jio Platforms has now raised an overall Rs 1,04,326.9 crore from marquee global investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 22.

    Reliance Industries has sold a 0.93 per cent stake in Jio Platforms to global alternative asset firm TPG for Rs 4,546.80 crore, the company said in a statement on Saturday evening.

    In a separate statement soon after, the company said L Catterton, one of the world’s largest consumer focused private equity firms, will invest Rs 1894.50 crore, translating into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.

    Founded in 1989, L Catterton is the investment partner for leading consumer-focused brands around the world.

    “This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore,” the statement added.

    With these investments, Reliance has sold about 22.3 per cent equity in Jio Platforms, ahead of a potential IPO.

    The deal book was opened with Facebook picking up a 9.99 per cent stake in the firm that houses India’s youngest but largest telecom firm on April 22 for Rs 43,574 crore.

    Within days of that deal, Silver Lake – the world’s largest tech investor – bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4.

    On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.

    On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. This was followed by US private equity giant KKR buying 2.32 per cent for Rs 11,367 crore.

    Abu Dhabi soverign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5.

    On that day, private equity fund Silver Lake invested another Rs 4,546.80 crore for additional 0.93 per cent stake in Jio Platforms.

    Also, Abu Dhabi Investment Authority (ADIA) has taken 1.16 per cent equity stake in Jio Platforms.


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