RIL at new high

Reliance Industries is in the limelight. The stock opened almost 1.5% higher at Rs.1601.90 and rose further by 2.5% to hit a new 52-week high at Rs.1617.70.

The company announced that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest Rs.9,0934 crore in Jio Platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 lakh crore.

Mubadala’s investment will translate into a 1.85% equity stake in Jio Platforms on a fully diluted basis.

With this investment, Jio Platforms has raised Rs.87,655 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.