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RIL shares touch record high after Abu Dhabi’s Mubadala deal in Jio Platforms

At 12.40 pm RIL was trading at Rs 1,595 apiece, up by 0.95 per cent on the BSE. Similarly, on the NSE it was at Rs 1,595.85, up by 1.02 per cent.

SNS | New Delhi |

Shares of Reliance Industries Ltd. (RIL) on Friday soared over 2 per cent to hit a record high of Rs 1,617.70 per share after the oil-to-telecom conglomerate announced to receive its sixth major investment in Jio Platforms.

On BSE, the heavyweight stock jumped 2.38 per cent to Rs 1,617.70, it’s 52-week high and on the NSE, shares surged 2.41 per cent to its one-year high of Rs 1,618.

At 12.40 pm RIL was trading at Rs 1,595 apiece, up by 0.95 per cent on the BSE. Similarly, on the NSE it was at Rs 1,595.85, up by 1.02 per cent.

Earlier in the day, Reliance Industries Ltd. (RIL) announced that Abu Dhabi-based sovereign investor, Mubadala, will inject 9,093.60 crore in conglomerate’s digital platform, Reliance Jio, for a 1.85 per cent stake.

“Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore,” RIL said in a statement.

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

The latest investment had pushed the firm a step closer to become debt-free by the end of the year. Of the outstanding debt, Rs 2,62,000 crore is on Reliance books and Rs 23,000 crore is with Jio.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company.