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Saturday, January 16, 2021
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RIL says Jio Platforms gets Rs 43,574 crore from Facebook for 9.99% stake

Jio Platforms, the digital unit of Reliance Industries that owns Reliance Jio, has received the subscription amount of ₹43,574 crore from Facebook's wholly-owned subsidiary Jaadhu Holdings for a 9.99% stake. Reliance said the amount was received after all requisite approvals.

Jio Platforms, the parent firm Reliance Jio, has gotten Rs 43,574 crore investment from Facebook for a 9.99 percent stake in the organization, Reliance Industries said in a regulatory filing on Tuesday.

The agreement between Jio Platforms and Facebook was declared on April 22. “We, therefore, illuminate that, after receipt of every single essential endorsement, Jio Platforms Limited, a subsidiary of the company, today got the membership measure of Rs 43,574 crore from Jaadhu Holdings, LLC (a wholly-owned subsidiary of Facebook Inc),” RIL said in the recording. Facebook picked a 9.99 percent stake in Jio Platforms at an endeavor estimation of Rs 4.62 lakh crore.

“Jio Platforms Limited has allocated value offers to Jaadhu Holdings following which Jaadhu Holdings holds 9.99 percent of the completely weakened value share capital of Jio Platforms Limited,” the reports said.

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