RIL gains 1% on General Atlantic deal; rights issue to open on Wednesday

RIL on Sunday announced selling 1.34 per cent stake in its digital services subsidiary, Jio Platforms, to PE firm General Atlantic for Rs 6,598.38 crore to accelerate consumer business and cut debt.

Shares of Reliance Industries (RIL) were trading 1 per cent higher at Rs 1,475 on the BSE in the early morning trade on Monday in an otherwise subdued market after Mukesh Ambani-controlled firm on Sunday announced selling 1.34 per cent stake in its digital services subsidiary, Jio Platforms, to private equity (PE) firm General Atlantic for Rs 6,598.38 crore to accelerate consumer business and cut debt. In comparison, the S&P BSE Sensex was down 0.46 per cent at 30,996 points at 09:18 am.

This is the fourth such stake sale within a month and it values Jio