Reliance Industries and Jio Platforms announced Vista Equity Partners will make an investment of Rs 11,367 crore into Jio Platforms.
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.
Vista Equity Partners investment will translate into 2.32 percent equity stake in Jio Platforms on a fully diluted basis, making Vista Equity Partners the largest investor in Jio Platforms behind Reliance Industries and Facebook. Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.
The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.
Kirkland & Ellis LLP and Shardul Amarchand Mangaldas & Company served as legal counsels to Vista Equity Partners.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries and a next-generation technology company, will bring together Jio’s digital apps, digital ecosystems and high-speed connectivity platform under one umbrella.
Reliance Jio Infocomm will continue to be a wholly-owned subsidiary of Jio Platforms. The company’s vision is to enable a Digital India for 1.3 billion people and businesses throughout India, especially small merchants, micro-businesses and farmers.