Saudi Arabia's Public Investment Fund eyes 2.33% stake in Jio

Saudi Arabia's wealth fund Public Investment Fund (PIF) is likely to invest around $1.5 billion in Jio Platforms. PI is eyeing a 2.33 per cent stake in Jio Platforms, Gulf News reported on Monday. In case of the deal getting finalised, Jio would be diluting 25 per cent of its equity, the maximum it plans to dilute to investors.

In the past seven weeks, Reliance Jio has raked in 10 investments. The latest are by TPG and L Catterton. The two companies have bought 0.93 per cent and 0.39 per cent stake in Jio Platforms Limited (JPL) for Rs 4,546.80 crore and Rs 1,894.50 crore, respectively. With this, the company has sold a total of 22.38 per cent stake in Jio Platforms for Rs 1.04 lakh crore.

The other investors include Facebook, Silver Lake, Vista Equity, General Atlantic, KKR and Mubadala. Facebook has been the biggest investor in the company so far. On April 22, the social media giant announced an investment of Rs 43,574 crore in Reliance Jio accounting for a 9.99 per cent stake in JPL.

Silver Lake has picked a 1.15 per cent stake with an investment of Rs 5,656 crore. Vista Equity invested Rs 11,367 crore for a 2.32 per cent stake in RIL's Jio platforms. General Atlantic said it will invest Rs 6,598 crore in Reliance Jio for a 1.34 per cent stake.

KKR announced its decision to buy a 2.32 per cent stake in Jio platforms for Rs 11,367 crore. Mubadala announced an equity infusion of Rs 9,093 in Reliance Jio in exchange for a 1.85 per cent stake in the telecom arm of RIL.

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