RIL shares zoom over 8 pc after Facebook deal.The company’s market valuation also jumped by Rs 45,527.62 crore to Rs 8,29,084.62 crore.

New Delhi: Shares of Reliance Industries on Wednesday jumped over 8 per cent after Facebook announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in Jio Platforms. The scrip advanced 8.34 per cent to Rs 1,339.20 on the BSE. On the NSE, shares of the company zoomed 8.27 per cent to Rs 1,339.70. It was the top gainer on both the 30-share BSE Sensex and NSE Nifty-50 in morning trade. The company’s market valuation also jumped by Rs 45,527.62 crore to Rs 8,29,084.62 crore. Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in the firm that houses billionaire Mukesh Ambani’s telecom arm Jio as the social media giant looks to expand presence in its largest market in terms of subscriber base. “Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Ltd, part of Reliance Industries Ltd, making Facebook its largest minority shareholder,” the company said in a statement. Reliance in a separate statement said the investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion, assuming a conversion rate of Rs 70 to a US dollar). “Facebook’s investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis,” it said. Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), houses digital services of the group. Reliance Jio Infocomm, is a wholly-owned subsidiary of Jio Platforms. The Facebook deal is part of value unlocking by RIL to cut debt. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet. Facebook gains 3% in after market hours trade on Jio deal.Shares of Facebook Inc. gained 3 per cent in after hours trade following Indian oil-to-telecom major Reliance Industry’s announcement that the social media giant will invest $5.7 billion in its Jio Platforms. The Nasdaq listed Facebook stock gained 2.55 per cent to $175.15 in the after hours trade. On Tuesday, the stick had closed down 4.17 per cent to $170.80. Reliance Industries in a statement said Facebook will invest Rs 43,574 crore or $5.7 billion into Jio Platforms, a unit of Reliance Industries, for a 9.99 per cent stake. Jio Platforms is a digital apps platform, separate from its telecom business by the same name. The investment will value the platform at Rs 4.62 lakh crore. The deal is crucial for Reliance as it will help MukeshAmbani-owned company to reduce debt further and allow the Mark Zuckerberg-led company get a stronger foothold in what is the US major’s largest market. At the end of December quarter, Reliance Industries had gross debt of Rs 3,06,900 crore and cash and cash equivalents of Rs 1,53,700 crore. Facebook also owns instant messaging service WhatsApp and photos sharing service Instagram.