Reliance Industries Stock Prices Sprint After Facebook Announced to Invest Rs 43,574 Crore in Jio Platforms for 9.99 Percent Stake
Furthermore, the statement said the partnership assumes special significance for India in the wake of the severe disruptions caused by the coronavirus pandemic in the Indian and the global economy.
Mumbai, April 22: Stock prices of Reliance Industries zoomed on Wednesday morning after the company announced that Facebook will invest Rs 43,574 cr in Jio Platforms for a 9.99 per cent Stake. Jio Platforms is a wholly-owned subsidiary of Reliance Industries. Accordingly, the company's stocks at the BSE gained Rs 83.85 or 6.78 per cent to Rs 1.319.90 per share from its previous close. Facebook to Invest Rs 43,574 Crore in Reliance Jio, largest FDI in India's Tech Sector.
In the intra-day trade period till now, the stock touched a high of Rs 1,339.20 and a low of Rs 1,300 per share. On early Wednesday morning, the company announced that social media giant Facebook has entered into binding agreements to invest Rs 43,574 crore into Jio Platforms for a 9.99 per cent stake.
"This investment by Facebook values Jio Platforms at a 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar)," RIL said in a statement. "Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," it said. Hackers Sold 267 Million Facebook Users’ Data for Rs 41,500.
"In the post-COVID era, comprehensive digitalisation will be an absolute necessity for revitalisation of the Indian economy," the statement said. "It is our common belief and commitment that no Indian should be deprived of the tremendous new opportunities, including for new employment and new businesses, in the process of India's 360-degree digital transformation."
Furthermore, the statement said the partnership assumes special significance for India in the wake of the severe disruptions caused by the coronavirus pandemic in the Indian and the global economy. Concurrently to the investment, Jio Platforms, Reliance Retail and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail's New Commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp.
(The above story first appeared on LatestLY on Apr 22, 2020 10:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).