Jio Platforms, the digital arm of Mukesh Ambani-led Reliance Industries, said that it has received the subscription amount of Rs 43,574 crore from Facebook. The social media giant had pledged this amount in April to buy 9.99 per cent stake in the Indian company.
"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). 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 company said in a regulatory filing.
Jaadhu Holdings is a Facebook-owned subsidiary incorporated just a month before the Mark Zuckerberg-led company announced the investment in Jio Platforms. It is based in Delaware, US - a famous tax haven for corporations.
Only 11 weeks from the deal with Facebook, Jio has secured 11 other deals cumulatively worth Rs 117,588.45 crore. The entrant to Jio investors club is Intel Capital, the investment arm of chip manufacturing major Intel. On Friday last week, Intel Capital announced to invest Rs 1,894.5 crore for 0.39 per cent stake in Jio Plaforms.
The companies, apart from Facebook and Intel, that have already pumped in money in Jio Platforms are Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton and Saudi Arabia-based Public Investment Fund. Together, all these investments amount to 25.09 per cent stake in Jio Platforms.
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