According to SEBI, negotiations between RIL and Facebook had advanced through late 2019 and early 2020, culminating in a non-binding term sheet on March 4, 2020 and active due diligence thereafter. The companies eventually signed binding transaction documents on April 21, 2020, and RIL formally announced the ₹43,574-crore investment on April 22, 2020. However, on March 24, 2020, Reuters, Financial Times and other media outlets reported that Facebook was close to acquiring a 10% stake in Jio -news that caused RIL’s share price to rise sharply.
