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Reliance Industries share price gains 2% as General Atlantic to invest Rs 6,598 crore Jio Platforms

Reliance Industries share price surged 1.62%  to Rs 1,482 compared to the previous close of Rs 1458.90 in an otherwise falling market

Aseem Thapliyal        Last Updated: May 18, 2020  | 11:46 IST
Reliance Industries share price gains 2% as General Atlantic to invest Rs 6,598 crore Jio Platforms
RIL share stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages

Share price of Reliance Industries gained nearly 2% in early trade today after US-based private equity firm General Atlantic said it would invest Rs 6,598.38 crore to acquire a 1.34 per cent stake in Mukesh Ambani's Jio Platforms. Reliance Industries share price surged 1.62%  to Rs 1,482 compared to the previous close of Rs 1458.90 in an otherwise falling market.

RIL share stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. On Nifty, the stock gained too  surged 1.62% to Rs 1,482 compared to the previous close of Rs 1,459.

Total 6.93 lakh shares changed hands on BSE amounting to turnover of Rs 100.72 crore. Market cap of the firm stood at Rs 9.17 lakh crore on BSE.

RIL stock price has lost 8.52% in one week but risen 17.74% in one month. However, it is down  4.74% since the beginning of this year.  The stock has gained 14% in one year. On March 23 , the stock hit its 52- week low of Rs 867.

Since then, it has gained nearly Rs 615. US-based private equity firm General Atlantic will invest Rs 6,598.38 crore to acquire a 1.34 per cent stake in Mukesh Ambani's Jio Platforms. This happens to be the fourth big investment in Jio Platforms, a wholly-owned subsidiary of Reliance Industries, in last one month.

"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," Reliance Industries said in a press release. With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.

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