Mark Zuckerberg owned platform Facebook has acquired a 9.99% stake in Jio Platforms (1), the parent firm Reliance Jio, for Rs 43,574 crore, Reliance Industries stated in a regulatory filing on Tuesday.
The deal between the two multi-million dollar companies was announced back on April 22nd.
The Rs 43,574 crore investment received by Reliance Jio from Facebook amounts at an enterprise value of Rs 4.62 trillion.
Reliance India Limited stated in the filing,
“We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, today received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC.”
The company further added in the filing that the Jio Platforms Limited had allotted the equity shares to Jaadhu Holdings, after which Jaadhu Holdings owns 9.99% of the fully diluted equity share capital of Jio Platforms Limited.
Jaadhu Holding, LLC, is an indirect, wholly-owned subsidiary of Facebook that is a newly incorporated company formed in March 2020 under the State of Delaware, US. The company has not engaged in any business from India or abroad.