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Reliance Industries share price hits all-time high as PIF to invest Rs 11,367 crore in Jio Platforms

As per the regulatory filing, the investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore

twitter-logoBusinessToday.In | June 18, 2020 | Updated 17:24 IST
Reliance Industries share price hits all-time high as PIF to invest Rs 11,367 crore in Jio Platforms
Reliance Industries shares stand higher than its 5, 20, 50, 100 and 200 day moving averages

Reliance Industries share price hit an all-time high of Rs 1,665 mere minutes ahead of Thursday's closing after the Mukesh Ambani-led firm announced another investment worth Rs 11,367 crore by Public Investment Fund (PIF) into Jio Platforms.

As per the regulatory filing, the investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Following the update, Reliance Industries stock touched an all-time high of Rs 1,665, rising 3.07 against the previous close of Rs 1,615 on BSE. RIL stock price has risen over 7% in one week, 14% in one month and over 9% since the beginning of this year.

Reliance Industries shares stand higher than its 5, 20, 50, 100 and 200 day moving averages.

The press release by RIL said, "PIF's investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis. With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India."

With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, since April 2020.

Share  price of Reliance Industries closed at Rs 1,656, rising 40.85 points or 2.53% higher on BSE. Market capitalisation of the firm stood at Rs 10,28,251 crore as of today's close.

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