Ahead of AGM, RIL hits milestone, Jio platforms gets 12th investor

Source :Sify
Author :Sify
Last Updated: Mon, Jul 13th, 2020, 15:09:43hrs
Mukesh Ambani

Mumbai: Market capitalization of Reliance Industries Limited on Monday hit the milestone of 12 lakh crores with the scrip touching an all-time high of 1,947 per share.

At the time of updating this story, the RIL counter on Bombay Stock Exchange observed a volume of 10.26 lakh shares exchanging hands and the stock settling to 1,913.40. With this, the market capitalization of RIL read 12,12,981.66 crores.

A day prior to the trade, RIL informed the exchange houses of the 12th investment in Jio Platforms. Qualcomm Ventures has picked up 0.15 per cent stake in Jio Platforms for Rs 730 crore read the company statement.

"Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest up to Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," added the statement.

"Qualcomm Ventures' investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in its statement.

In a filing on Saturday, Reliance announced it had received approvals for 6.13 percent stake sale in Jio Platforms to L Catterton, The Public Investment Fund, Silver Lake and General Atlantic. The deal is valued at Rs 30,062 crore. Interstellar Platform Holdings Pte Ltd of L Catterton paid Rs 1,894.50 crore for a 0.39 per cent stake in Jio Platforms. The Public Investment Fund paid Rs 11,367 crore for a 2.32 per cent stake while Silver Lake units - SLP Redwood Holdings Pte Ltd and SLP Redwood Co-Invest (DE), L.P. - bought 2.08 percent stake for Rs 10,202.55 crore.

RIL's 43rd AGM is expected to be held on July 15 via video conferencing and analysts expect chairman Mukesh Ambani to divulge several details on the e-commerce venture of JioMart, the JioMeet offerings as well as snippets of a $15-billion deal with Saudi Aramco.

RIL remains a top-pick for several analysts. Brokerage house Motilal Oswal suggested a 'BUY' rating, revising the target price to Rs 2,000 from an earlier Rs 1,743.

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