RIL strikes 3rd deal, sells 2.32% Jio stake

New Delhi: Reliance Industries on Friday announced the sale of 2.32 per cent stake in its digital unit Jio Platforms to US-based Vista Equity Partners for Rs 11,367 crore, the third deal in a little over two weeks that will inject a combined Rs 60,596.37 crore in the oil-to-telecom conglomerate to help it pare debt.

The US-based private equity firm will buy a stake in Jio Platforms, which houses the country's youngest but biggest telecom firm Jio, at an equity value of Rs 4.91 crore and an enterprise value of Rs 5.16 crore.

"Vista's investment will translate into a 2.32 per cent equity stake on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook," the company said in a statement.

The deal follows Facebook picking up a 9.99 per cent stake in Jio Platforms on April 22 for Rs 43,574 crore.

Within days of that deal, Silver Lake the world's largest tech investor bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore.

Vista co-founder Brian Sheth is half-Indian and his father hails from Gujarat. Reliance owner and richest Indian Mukesh Ambani, who also comes from Gujarat, is said to have personal connections with the private equity firm's founder Robert Smith.

The discussions were led by Ambani's close aide Manoj Modi and Sheth. Strategic and financial investors are to form 20 per cent of Jio Platforms.

Between the three deals, Reliance has sold 13.46 per cent of Jio Platforms and more such investments are likely in near future.