MUMBAI : It appears there is a never-ending queue of investors lining up to buy shares of Jio Platforms Ltd.
It all started with Facebook Inc. making a strategic investment of ₹43,574 crore ($5.7 billion) for a 9.99%-stake in the firm.
Around the time, parent company Reliance Industries Ltd (RIL) said it has achieved half the targeted value-unlocking in Jio Platforms, and that global investors had expressed interest for a similar-sized additional stake.That could either have meant that Jio Platforms would raise about $5.7 billion more, or sell another 10% stake.
But as it turns out, the company has ended up selling an additional 12.4% stake already to global investors, and has raised $8 billion more.