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New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

Mangaluru/Udupi, Jul 25: Karnataka’s twin coastal districts of Dakshina Kannada and Udupi recorded 400 new covid-19 cases and nine fatalities in past 24 hours. While DK’s death toll mounted to 115, Udupi’s toll mounted to 15.

Dakshina Kannada

Dakshina Kannada alone recorded 218 new covid cases and eight deaths. The total number of positive cases mounted to 4,612. Out of these, 2,370 cases are currently active. As many as 2,127 persons have recovered and been discharged.

Of the 218 who tested positive on Saturday, 46 are primary contacts, 87 have ILI symptoms, 15 have SARI symptoms, and contacts of 70 are being traced.

Among the eight deaths that occurred on Saturday, the first is of a 44-year-old man from Mangaluru. He was admitted to private hospital on July 23, and breathed his last on same day. He was suffering from sepsis with septic shock and viral infection. 

The second is 78-year-old man from Bhatkal. He was admitted to a private hospital on July 18, and passed away July 23. He suffered from refractory hypoxemia, refractory ARDS and secondary bacterial infection. 

The third is an 88-year-old man from Mangaluru. He was admitted to a private hospital on July 10, and passed away on July 23. He suffered from hypoxemia, refractory ARDS and renal failure. 

The fourth is a 68-year-old man from Bantwal. He was admitted to a private hospital on June 7, and passed away on July 23. He suffered from septic shock. 

The fifth is a 68-year-old man from Mangaluru. He was admitted to a private hospital on July 17, and passed away on July 23. He was suffering from ARDS and Acute coronary event. 

The sixth is a 75-year-old man from Mangaluru. She was admitted to private hospital on July 14 and passed away on July 24. He was suffering from refractory hypoxemia, refractory ARDS and respiratory distress. 

The seventh is a 76-year-old female from Mangaluru. She was admitted to private hospital on July 21 and passed away on July 24. She was suffering from refractory hypoxemia, refractory ARDS, viral pneumonia, T2 DM and hypertension. 

The eighth is a 53-year-old female. She was admitted to private hospital on July 24 and passed away on July 24. She was suffering from sepsis with multi-organ dysfunction, cardiogenic shock, hypertension, type 2 diabetes mellitus, peripheral vascular disease and diabetic foot on right side LRTI.

Udupi

Udupi recorded 182 new covid cases in past 24 hours and the total reached 3,218. As many as 2,008 patients have been discharged so far including 79 on Saturday, and 1,199 cases are currently active. 

Among the new cases, 96 are in Udupi, 37 in Kundapur, and 49 in Karkala. They include 109 men and 68 women, and two boys and three girls. As many as 539 are under home isolation.

As many as 15 covid related deaths have occurred in the district so far including the one on Saturday. 

45-year-old man from Kollur was admitted to KMC Hospital, Manipal, as he was suffering from lung cancer. He was tested positive for coronavirus and then shifted to covid-19 hospital, where he breathed his last.

Mangaluru, Feb 28: Sleuths of Bajpe police station have busted a counterfeit currency racket and arrested two persons on charge of printing and circulating fake currency notes of Rs 500 and Rs 200.

The arrested have been identified as Dheerendra (45), a resident of Kanjilakody House in Bantwal taluk, and Sudheer Poojary (44), a resident of Adyar Volabail. Both of them said to be activists of Hindutva groups and had campaigned for BJP during last Lok Sabha polls.

Apart from counterfeit currencies, the cops have recovered a colour printer, two mobile phones and a motor bike from the accused.

According police, on February 23 the miscreants went to a petty shop owned by one Abdul Salam near Suralpady and purchased a Gillette blade costing Rs 20. They handed over Rs 200 currency note to Abdul Salam and took Rs 180 back from him.

However, the shop keeper grew suspicious about the genuineness of Rs 200 note. When he went in search of the duo, he came to know that they had purchased mustard seeds from a nearby provision store belonging to one Muhammad Arif. There too, they had handover Rs 200 fake note and got change.

The duo then took fake notes back from Abdul Salam and Muhammad Arif and escaped. The next day, Abdul Salam filed a complaint with Bajpe police station.