InvestorQ : Will Reliance be use the money received from Facebook to redeem the debt and how much of its group debt will be repaid?
Debbie Mascarenhas made post

Will Reliance be use the money received from Facebook to redeem the debt and how much of its group debt will be repaid?

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Crowny Pinto answered.
2 years ago
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It is estimated that Jio Platforms will use Rs.28,000 crore out of the Rs.43,574 crore receivable from Facebook to redeem its optionally convertible preference shares (OCPS) of its parent Reliance Industries and retain Rs.15,000 crore in its books. This is yet to be confirmed by the company via an official release. Out of the total gross debt of RIL to the tune of over Rs.2,00,000 crore, debt in Jio Platform books is around ₹40,000 crore. This is also seen as a precursor to the public issue of Reliance Jio, which is expected sometime in the next couple of years. It may be recollected that earlier on 21 April, Facebook had signed a binding agreement to invest Rs.43,574 crore ($5.7 billion) to buy a 9.99% stake in Jio Platforms. The deal gives the mobile communications, entertainment and e-commerce platform a pre-enterprise value of Rs.4.62 trillion. Jio was launched in September 2016 and has already emerged as India’s largest mobile services company with over 39 crore subscribers.

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