Reliance adds ₹65,000 crore in market value after Facebook-Jio deal
Business / Reliance adds ₹65,000 crore in market value after Facebook-Jio deal
Business - Reliance adds ₹65,000 crore in market value after Facebook-Jio deal
Mumbai: Reliance shares jump 8.34% after news that Facebook is planning to invest $5.7 billion (Rs 43,574 crore) in Reliance Jio for a 9.9% stake, the telecom unit of Reliance Industries Ltd (RIL), the company said in a BSE filing.This investment will value Reliance Jio at Rs 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.The share prices of Reliance Industries Ltd surged by 7.32% at BSE, even as indices were flat.The shares of the company were trading at Rs 1,326.5 per scrip -- up Rs 91, with shares witnessing heavy buying. In the pre-open, the share of RIL went up by 10% or Rs 123 per scrip.