Reliance Industries gain over 1% in early trade after General Atlantic deal

The shares of RIL opened at Rs 1470 and touched an intraday high and low of Rs 1482 and Rs 1459.4, respectively, in the session so far. RIL stock quoted a 52-week high of Rs 1601.69 and a 52-week low of Rs 867.06.

Share of Reliance Industries Ltd gained over 1% after the US-based private equity firm General Atlantic decided to invest Rs 6,598.38 crore for a 1.34% stake in its digital arm Jio Platforms.

The transaction takes investment raised by Jio in recent weeks to almost $9 billion, including stakes sold to Facebook Inc, Silver Lake and Vista Equity Partners.(Reuters file photo)

The shares of RIL opened at Rs 1470 and touched an intraday high and low of Rs 1482 and Rs 1459.4, respectively, in the session so far. RIL stock quoted a 52-week high of Rs 1601.69 and a 52-week low of Rs 867.06.

General Atlantic’s agreement to take a 1.3% stake sets an enterprise value of Rs 5.16 trillion or $68 billion for Jio Platforms, the Mumbai-based company said Sunday.

The transaction takes investment raised by Jio in recent weeks to almost $9 billion, including stakes sold to Facebook Inc, Silver Lake and Vista Equity Partners. The four deals will help Reliance Industries group pare its debt and become a net debt-free company by 2021, in line with the dream of Mukesh Ambani.

The deal announced late Sunday also broadens backing for Jio’s plan to use its almost 400 million mobile phone subscribers as a base for an e-commerce drive to shake up India’s vast consumer markets from retail to education and payments.

(With agency inputs)