Jio Platforms nears finishing line of pre-IPO fundraising target

Reliance Jio. Photo: Livemint

Reliance Industries Ltd shares reached an all-time high after its subsidiary Jio Platforms Ltd announced it has received another large investment. The latest to join the list of marquee investors in Jio Platforms is Mubadala Investment Company, the Abu Dhabi-based sovereign wealth fund.

Mubadala’s investment of 9093 crore for a 1.85% stake takes the total tally of funds raised to as high as 87655 crore ($11.6 billion at current exchange rates). It seems like it has already achieved its planned target ahead of an initial public offering of shares.

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