Ambani’s Jio Receives $4 Billion Payment For Stake Sales - Bloomberg

Ambani’s Jio Receives $4 Billion Payment For Stake Sales - Bloomberg:

Jio Platforms Ltd., the digital services business controlled by billionaire Mukesh Ambani, has completed the sale of 6% of its shares for about $4 billion.

Saudi Arabia’s Public Investment Fund closed a deal for a 2.3% stake for 113.7 billion rupees ($1.5 billion), according to an exchange filing from Jio’s parent, Reliance Industries Ltd. Silver Lake purchased 2.1% of the shares. The other investors were L Catterton and General Atlantic.

The transactions -- announced earlier this year -- helped Reliance declare itself free of net debt ahead of its goal. Jio Platforms had earlier also sold about 10% stake to Facebook Inc.

All told, Jio has now sold about 25% of its shares to buyers including Facebook and U.S. private equity firms KKR & Co., and Silver Lake.