RIL shines on investment report by Qualcomm Ventures into Jio Platforms
Reliance Industries announced on July 12, 2020 that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, is set to invest Rs 730 crore into Jio Platforms. As a result of this investment news, the stock of Reliance Industries jumped 3.01 per cent during the early morning session on Monday.
The investment, which will translate into a 0.15 per cent equity stake in Jio Platforms on a fully-diluted basis, is worth an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. It also aims to support Jio Platforms on its plan to roll out 5G infrastructure and services for its customers in India.
With this investment, Qualcomm Ventures becomes the twelfth investor after Intel Capital, Public Investment Fund (PIF), L Catterton, TPG, Adia, Silver Lake and co-investors, Mubadala, KKR, General Atlantic, Vista and Facebook within the last three months. Reliance Industries Ltd has sold 25 per cent of stake in Jio Platforms, raising the total investment to nearly Rs 1,17,588 crore.
The share of Reliance Industries was trading at Rs 1,913.25 at 1.45 pm on BSE, following which, the market capitalisation of Reliance Industries reached Rs 12,12,886.57 crore. The share touched its all-time high of Rs 1,947 in the first half of Monday’s trading session.