Reliance Industries shares rose more than 1 per cent to their highest level since June 22 after the conglomerate said US-based Intel Corporation’s investment arm, Intel Capital, will buy a 0.39 per cent stake in Jio Platforms for Rs 1,894.50 crore. The Reliance Jio-Intel Capital deal gives Jio Platforms an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. The shares of Reliance Industries touched an intra-day high of Rs 1785.65, up 1.42 per cent, in early trading, post the announcement of the deal. At 10:10 am, the shares of Reliance Industries traded at Rs 1,775, higher by Rs 14 or 0.8 per cent, on the BSE.
Intel Capital joins a long list of investors bullish on Reliance Industries’ digital services arm, including internet giant Facebook. This is the twelfth investment in Jio Platforms – which houses telecom major Reliance Jio Infocomm – within 11 weeks.
Recent investors in Jio Platforms include US-based Facebook, Silver Lake, General Atlantic and KKR, and Abu Dhabi-based Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund.
In total, Jio Platforms has raised Rs 1,17,588.45 crore since April 22.
The BSE Sensex was trading 197.46 points – or 0.55 per cent – higher at 36,041.16, while the Nifty was up 58.60 points – or 0.56 per cent – at 10,610.30 at the time