RIL share price hits all-time high as Co to sell 1.6% stake in Jio to ADIA
Published On: Monday, June 8, 2020 | By: Team KnowMyStock
Reliance Industries share price climbed a new peak on BSE in Monday’s session as it gained 2.7 per cent to Rs 1,624 a day after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore, as it accelerates its debt reduction plan. RIL shares have surged 87 per cent from its 52-week low of Rs 867.82 touched on March 23. This is the eighth investment in Jio Platforms in seven weeks and values the company at Rs 4.91 trillion on equity value basis. So far, RIL has raised Rs 97,885.65 crore through 21.06 per cent stake sale to seven marquee investors, including Facebook and private equity firms like KKR, Vista Equity Partners, Mubadala and General Atlantic. Besides, US private equity firm Silver Lake also announced an additional investment of Rs 4,546.80 crore in the telecommunications arm of Reliance Industries Ltd.
Reliance's market capitalisation increased by Rs 2,69,311 crore from its first deal announced on March 22 and Rs 5,05,969 crore from its March lows to Rs 10,98,153.71 crore currently.The brokerage has revised its target price to Rs 1,743, an upside of over 10 per cent from Friday’s close, maintaining a ‘buy’ rating.
Source: Money Control, Business India, Financial Express
Tags: Reliance stake Jio Investment
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