Jio Platform gets Rs 43,574 cr from Facebook for 9.99% stake sale
Jul 7, 2020, 23:31 IST
New Delhi, Jul 7 () Jio Platforms, the parent firm Reliance Jio, has received Rs 43,574 crore investment from Facebook for a 9.99 per cent stake in the company, Reliance Industries said in regulatory filing on Tuesday.
The deal between Jio Platforms and Facebook was announced on April 22.
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"We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, today received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC (a wholly-owned subsidiary of Facebook Inc)," RIL said in the filing.
Facebook picked 9.99 per cent stake in Jio Platforms at an enterprise value of Rs 4.62 lakh crore.
"Jio Platforms Limited has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99 per cent of the fully diluted equity share capital of Jio Platforms Limited," the filing said. PRS MR(This story has not been edited by www.businessinsider.in and is auto–generated from a syndicated feed we subscribe to.)