Jio Platforms Ltd

The industry overview section notes that industry and market data is derived from the Analysys Mason Report, which was commissioned by the company. India is positioned as a major economy with a projected nominal GDP growth, and the digital connectivity and services industry is highlighted as a key area of focus. The digital ecosystem has seen significant growth, largely catalyzed by the entry of Jio in 2016, which expanded digital access. This transformation has driven the adoption of various digital services across the country, leading to a large digital economy and the integration of digital connectivity into various sectors.

The text discusses the digital transformation trends across various sectors, noting the importance of digital connectivity for enterprises, especially in the context of Industry 4.0 and AI adoption. It then shifts focus to the Indian mobile connectivity market, highlighting its size and growth potential. The market is characterized by a large customer base, with mobile broadband being a key enabler for digital participation, although penetration still has room to grow. The analysis details the impact of Jio's entry, which significantly reshaped the digital landscape by introducing affordable data and pioneering 4G VoLTE, leading to rapid digital service adoption and establishing India as a major mobile data market. Furthermore, the text forecasts future growth in the market size and ARPU, driven by increasing disposable income and network improvements.

The text discusses several factors driving the growth of India's digital connectivity sector, including advancements in network infrastructure and increased consumer demand. Key growth drivers include the expansion of 4G and 5G networks, which have significantly improved download speeds, and increasing smartphone penetration, which is enabled by affordable devices. The digital economy is fueling this demand, with average monthly data usage projected to grow substantially. Furthermore, a supportive regulatory environment has aided sector investment. The competitive landscape shows Jio as the market leader in the mobile broadband segment, holding a significant market share. The text also covers the acceleration of the fixed broadband market, driven by infrastructure rollouts, and notes that India's fixed broadband penetration lags behind developed markets.

The fixed broadband market in India is projected for significant growth, driven by increasing customer base and wider network coverage. Key growth drivers include expanding affordability due to rising income, a growing necessity for high-capacity connectivity for digital lifestyles, the rapid deployment of Fiber-to-the-Home (FWA) technologies, and proactive government initiatives supporting infrastructure. The competitive landscape includes major players like Jio Platforms, Bharti Airtel, and BSNL. Furthermore, the business connectivity segment is showing high growth potential as enterprises transition from mobile-only solutions to robust fixed broadband.

Jio has established itself as an integrated player in India's digital services landscape, offering a suite of services to both consumers and enterprises through a pan-India reach and a large customer base. The consumer digital services market is expected to evolve rapidly across various sub-segments, with the market showing structural shifts towards integrated digital services in everyday activities. Jio facilitates access to digital services through its digital interfaces and installed base of set-top boxes, positioning itself as a comprehensive digital gateway. The market analysis highlights significant growth opportunities across digital entertainment, personal productivity tools, and smart-home IoT, while also noting the expanding but underpenetrated enterprise digital services market.

Jio offers a comprehensive stack combining connectivity, cloud infrastructure, edge computing, security, data platforms, and managed services to facilitate enterprise migration to cloud environments. This includes JioCloud for accessing various cloud environments and JioCloudXP for hybrid cloud management. The market for enterprise cloud is projected for significant growth, and the enterprise communication segment is also expected to expand substantially. Furthermore, Jio has developed a CPaaS platform, JioCX, to address customer-facing communication needs, and its IoT stack is positioned to support various enterprise use cases by leveraging its nationwide network coverage.

The issuer focuses on deep tech solutions across several areas to support global digital connectivity providers. This includes Fixed Broadband Access (FWA) technology, which involves significant capital expenditure for deployment in markets with low fixed broadband penetration, and 5G technology solutions, which involves substantial capex for sustaining revenue in the mobile market. Additionally, there is an opportunity in the smart featurephone market to facilitate the transition of legacy 2G users to mobile broadband. The issuer, Jio, has developed proprietary stacks for both FWA and 5G, and has demonstrated rapid deployment capabilities in India.

The text discusses the global market opportunity for smart featurephones, noting that the transition from 2G to smart featurephones can boost data revenues by shifting customers from voice-only to data bundles. Monetization avenues for digital connectivity providers include licensing device designs, monetizing embedded media, and leveraging digital services platforms. Leading players in this market include Jio, Lava, Karbonn, itel, Tecno, and other regional OEMs, who operate at varying scales and localization levels to drive demand for affordable, feature-rich devices. The text also outlines various threats and challenges to the digital connectivity sector, such as macroeconomic headwinds, evolving regulations, intensifying competition, and rapid technological changes.

The company describes itself as a technology platform that utilizes proprietary digital technology and pan-India digital connectivity as its foundational layer to drive digital transformation in India. The company claims to have played a pivotal role in democratizing access to digital connectivity and digital services in India. Jio Platforms' digital connectivity is considered a fundamental pillar of India’s growing digital economy, which is projected to reach $1.4 trillion (₹125.8 trillion) by Fiscal 2031, according to the Analysys Mason Report. The company's subsidiary, Reliance Jio Infocomm Limited (RJIL), served 533.3 million customers in India as of June 30, 2026. The combination of mobile, fixed broadband, and digital services across a unified platform, along with data and customer personalization, positions the company as a comprehensive digital gateway for internet access, digital services, and emerging technologies like artificial intelligence (AI).

The company's business model relies on a proprietary, vertically integrated technology stack spanning network, device engineering, software, and operating systems, which reduces reliance on third-party vendors and provides cost advantages. The company has developed numerous patent applications across various digital technologies, and it is recognized as a leading global technology firm. The platform is structured around five integrated layers: digital products and services, digital connectivity, phygital access at scale, deep customer insights, and proprietary technology. The company has pioneered technology waves in India, including being among the first to roll out 4G and achieving a record rollout for 5G deployment.

The company leverages UBR technology to achieve a strategic advantage in customer acquisition across India and globally. Key capabilities include in-house integrated hardware and software design for devices, exemplified by the JioBharat phone, and the creation of multiple digital applications such as MyJioApp, JioTV+, and JioAICloud. The company also develops AI-led technology systems for network operations, including predictive insights and anomaly detection. The company has established a highly engaged and diversified customer base, with digital connectivity reaching over 99% of India's population. Furthermore, the company is positioned as a preferred "Gateway to Digital India" due to its pan-India reach and multi-layered access ecosystem.

The company offers a wide range of digital connectivity services across various sectors, including mobility, broadband, entertainment, and gaming. Key technological advantages include network slicing capabilities, proprietary UBR technology for faster customer acquisition, and ownership of the end-to-end 5G stack. The company has pioneered several services in India, such as rolling out 4G VoLTE at scale, launching a standalone 5G network, and leading the fixed broadband market. Furthermore, the company has developed in-house hardware and operating systems, and leverages a decentralized operational model with AI to ensure efficient network planning and customer experience management.

The company operates a platform that provides access to multiple services, including shopping, financial services, and media/entertainment. Key offerings include various packages like JioFiber and JioAirFiber, and the MyJio App allows consumers to manage service plans. The company utilizes physical touchpoints like Jio Centres and Jio Points for service distribution and has developed a robust network infrastructure using 4G VoLTE and 5G technologies. The company has demonstrated significant revenue and profitability growth, and it is focused on expanding its market leadership in mobility and fixed broadband segments.

The company offers a comprehensive suite of solutions, including multi-cloud interconnects, digital services like unified communication (CPaaS and chatbots), productivity tools, and industry applications such as fleet and utility management. They provide a highly secure network operation featuring quantum-safe capabilities and zero trust network access. The company aims to expand its customer base by targeting top enterprises in India and the large segment of micro, small, and medium enterprises underserved by digital infrastructure. The platform leverages proprietary digital technology and pan-India digital connectivity to drive digital transformation in India, with plans to expand into overseas markets. The company also utilizes a proprietary AI engine, JioBrain, for autonomous decision-making in network operations and plans to extend these capabilities to other global telecom companies.

The company holds various spectrum across low, mid, and high bands for 4G and 5G services, aligning spectrum purchases with digital connectivity plans to ensure service upgrades without major disruptions. The company has a significant network infrastructure, including access to a pan-India network of 3,60,537 network towers, with a majority being fiberised, which is comparable to benchmarks in developed economies. Furthermore, they possess the largest fibre network among private digital connectivity providers in India, spanning over 1.0 million route kilometres. The company also has established integrated infrastructure combining international subsea cable systems and a domestic Data Centre Interconnect (DCI) network to connect Indian data centres with major international hubs. They have completed collaborations, such as the India Asia Xpress (IAX), to deliver terabit connectivity between India and Asia-Pacific, and have developed multiple cable landing stations to enhance network resilience for emerging data centre infrastructure.

The issuer engages in various contracts for the supply of hardware, software, and electronic equipment for mobile network setup and expansion, with requirements for competitive pricing from active network partners. They also have agreements for the ongoing maintenance of network equipment, involving in-house capabilities and separate agreements with partners. Services contracts cover the design, implementation, integration, delivery, deployment, support, and maintenance of the deployed equipment. The company partners with various service providers for engineering and IT, utilizes open-source software, and collaborates with global cloud providers like Microsoft and Google Cloud. Furthermore, they engage with content providers to integrate subscriptions into tariff plans, and rely on third-party data centers for connectivity. Sales and marketing involve agreements with Reliance Retail Limited for selling prepaid recharge vouchers, and they use Reliance Retail Limited's physical locations for Jio Centres and Jio Points for last-mile operations. The company offers customer care services through an integrated model combining digital self-care and assisted human support, with high self-service rates for routine issues.

The issuer maintains a substantial intellectual property portfolio, including numerous registered trademarks and designs both domestically and internationally, which are utilized by its subsidiary, RJIL. The company actively monitors for trademark infringements and employs various legal mechanisms, such as contracts and copyright laws, to safeguard its core technology. The document also outlines the regulatory framework under the Indian Telecom Act, 2023, which governs telecommunication services, spectrum assignment, and the establishment of network infrastructure.

This section details various regulatory frameworks and guidelines related to telecommunication services in India, including rules from the RoW Rules, the TRAI Act, the DPDP Act, and various guidelines issued by the Department of Telecommunications (DoT). It covers procedures for facility providers, standards for service quality, tariff regulations, data protection obligations, and rules concerning spectrum trading, sharing, and the allotment of various carriers. Furthermore, it mentions guidelines for M2M services, subscriber verification, interconnection requirements, and the National Frequency Allocation Plan.

This section details various legal and regulatory frameworks applicable to the company's operations, covering aspects such as national security directives, information technology laws, telecommunication regulations, and financial market oversight. It outlines requirements for service providers, infrastructure providers, and intermediaries concerning data handling, electronic transactions, and market conduct. Furthermore, it discusses various laws related to intellectual property, foreign investment, taxation, and securities market regulations.

This section details various regulatory frameworks applicable to the company, including SEBI regulations concerning insider trading, listing obligations, fraudulent practices, share acquisitions, buy-backs, and delisting. It also covers consumer protection laws, which address deficiencies in goods or services and unfair trade practices, including penalties for misleading advertisements. Furthermore, the company is subject to numerous other laws and regulations imposed by Central and State Governments for its daily operations.

Jio Platforms Limited was incorporated on November 15, 2019, in Ahmedabad, Gujarat. The company's Memorandum of Association has undergone several amendments regarding its authorized share capital between December 2019 and March 2020. Key milestones include the launch of various services and products, such as the launch of JioFiber in 2019 and the launch of JioPhone Next in 2021. Significant corporate restructuring involved the divestment of fiber and tower assets of RJIL in 2019 and various transfers of shareholding and liabilities between entities like RJIL, RIL, and various trusts. The company has received numerous awards and recognitions spanning from 2021 to 2026.

The document details various shareholder agreements and the corporate structure of the company as of the date of the Red Herring Prospectus. It outlines agreements with different investor groups, including 'Group A Investors' and 'Group B Investors', which grant certain rights over the company's operations and the issuance of equity shares, with these agreements automatically terminating upon the listing. The document also specifies the corporate structure, identifying the Promoter, RIL, as the holding company. Furthermore, it lists the company's subsidiaries, joint ventures, and details regarding the incorporation and capital structure of specific entities like Accops Systems Private Limited, Indiavidual Learning Limited, and Jio Haptik Technologies Limited.

This section details the capital structure and financial indicators for several entities, including JHTL, Jio Media Limited (JML), Jio Satellite Communications Limited (JSCL), Jio Things Limited (JTL), and Radisys India Limited (Radisys India). It provides information on issued, subscribed, and paid-up capital, shareholding patterns, and various financial metrics such as revenue, EBITDA, profit after tax, total assets, and net worth across different time periods. The text also specifies the incorporation dates and nature of business for each company.

This section details the capital structure and financial indicators for several entities, including Radisys India, Reliance Jio Infocomm Limited (RJIL), Reverie Language Technologies Limited (Reverie), Saavn Media Limited (Saavn), and Sankhyasutra Labs Limited (SLL). It provides various financial metrics such as revenue, EBITDA, profit after tax, total assets, and net worth across different time periods. The data includes information on issued, subscribed, and paid-up capital, as well as shareholding patterns and contributions to consolidated figures.

The section details the corporate information for several entities, including Surajya Services Limited (SSL), Tesseract Imaging Limited (TIL), Accops Systems FZ-LLC (ASFL), Jio Estonia OÜ (JEO), and Mimosa Networks, Inc. (MNI). SSL was incorporated on May 19, 2015, and TIL was incorporated on March 19, 2015. ASFL was incorporated on April 3, 2023, and JEO was incorporated in Estonia on November 22, 2018. The document provides capital structure details, including shareholding patterns, for each entity.

The document details the corporate structure involving several entities, including Mimosa Networks Bilişim Teknolojileri Limited Şirketi (MNBTLS), Radisys B.V., Radisys Canada Inc. (RCI), and Radisys Corporation. MNBTLS was incorporated in Turkey in 2016 and is engaged in computer consulting. Radisys B.V. was incorporated in the Netherlands in 1995 and acts as a sales agent for Radisys Corporation's solutions. RCI, incorporated in British Columbia in 2008, provides open architecture telecom solutions alongside Radisys Corporation. RCIL is a holding company for investments in Radisys Systems Equipment Trading (Shanghai) Co., Ltd.

The document details the financial and corporate structure of Radisys Corporation, Radisys GmbH, Radisys International LLC, Radisys Cayman Limited, and Radisys Singapore. Radisys Corporation's capital structure shows a 100% holding by itself. Radisys GmbH is a limited liability company incorporated in Germany, and its capital structure shows a 100% holding by Radisys B.V. Radisys International is a holding company for investments in Radisys Technologies (Shenzhen) Co., Ltd. and Radisys Spain S.L.U., and Radisys Cayman Limited was merged into Radisys International effective July 31, 2026. Radisys Singapore is a private limited company that is currently under liquidation.

The provided section details the corporate information for several entities, including Radisys Systems, Radisys Technologies, Radisys UK, Reliance Jio Global Resources, LLC, and Jio Infocomm Pte. It outlines their incorporation dates, nature of business, and capital structures, including ownership patterns. Specific financial indicators such as revenue, EBITDA, profit/loss, assets, and net worth are presented for various reporting periods.

The document details the corporate information for several entities, including Reliance Jio Infocomm UK Limited (RJIUK), Reliance Jio Infocomm USA, Inc. (RJIUI), and a joint venture, Jio Space Technology Limited (JSTL). RJIUK was incorporated in the UK, while RJIUI was incorporated in Texas. JSTL is a public limited company incorporated in India and is a joint venture of the reporting company, holding a 51.00% stake. The text also provides various financial indicators for these entities across different reporting periods and outlines their respective business activities and capital structures.

The definitions section clarifies various terms used in the Red Herring Prospectus, including definitions for the Company, its officers, various investor types, and the process for the issue. It specifies that references to "the Company" refer to Jio Platforms Limited, which is incorporated under the Companies Act, 2013, and has a registered office in Gujarat, India. The document details various investor categories, such as Group A and Group B Investors, and outlines the procedures for the book-building process.

This section details various parties involved in the issuance process, including a long list of potential managers and brokers, and various definitions related to the issuance structure and investor categories. It specifies different types of investors eligible to bid, such as Eligible Employees, Eligible RIL Shareholders, Retail Individual Investors, and Non-Institutional Investors. It also outlines various agreements, accounts, and the process for submitting bids, including cut-off times and the use of UPI for payments.

This section primarily defines various terms and abbreviations used within the context of the offering document. It includes definitions for financial terms, various regulatory frameworks, technical standards for mobile networks, and concepts related to internet connectivity and data transmission. The definitions cover aspects from financial reporting standards to specific telecommunication technologies and network architectures.

This section primarily defines various technical and financial terms used in the document, including concepts like Point-to-multipoint, QoS, VPN, and various performance metrics such as ARPU, EBITDA, and various margins. It also outlines conventions regarding the use of currency, time, and the source of financial data. The document clarifies that financial data is derived from Restated Consolidated Financial Information and warns investors about the differences between various accounting standards (Ind AS, U.S. GAAP, IFRS). Furthermore, it details the source of industry and market data, which is from a report commissioned by the company.

This section primarily discusses regulatory notices for prospective investors in various jurisdictions, including the United States, the European Economic Area, and the United Kingdom. It outlines restrictions and conditions under which Equity Shares may be offered or sold in these regions. Furthermore, it details various risk factors, including the possibility of losses due to market risks, changes in laws and regulations, and uncertainties in financial results. The document also clarifies that certain information is derived from a commissioned industry report and that forward-looking statements involve risks and uncertainties.

The text discusses various risks related to spectrum licenses, agreements with the Reliance Group, and operational dependencies. It highlights uncertainties regarding the timely execution of spectrum auctions and the availability of necessary financing for licensing renewals. Furthermore, it details agreements with the Promoter, Reliance Retail Limited, and Sanmina-SCI India Private Limited, noting that disruptions in these services could negatively impact the business. The text also covers risks associated with network infrastructure, including technical failures, partner issues, and the potential for technological obsolescence due to the rapid changes in the connectivity industry, such as the emergence of satellite-based broadband services.

The provided text discusses various risks related to the company's operations, including technology implementation, intellectual property issues, reliance on third-party infrastructure, cybersecurity threats, and regulatory changes. It details dependencies on other entities for trademarks, infrastructure, and financing, and highlights potential adverse impacts on the business, financial condition, and operations. Furthermore, it covers risks associated with indebtedness, the highly regulated nature of the telecommunications industry, and potential non-compliance with laws and regulations.

The provided text discusses various regulatory and licensing aspects related to telecommunication services, including requirements from the Government of India (GoI) and the Department of Telecommunications (DoT). It details obligations such as paying annual license fees, spectrum usage charges (SUC), and the risk of regulatory changes impacting operations. The text also covers compliance with laws concerning data privacy, intellectual property, and various regulations related to digital entertainment services. Furthermore, it outlines risks associated with customer churn, the ability to sustain Average Revenue Per User (ARPU), and capital expenditure requirements for network infrastructure.

The text discusses various legal and regulatory compliance aspects, including data protection laws like the DPDP Act, which impose penalties for non-compliance. It details that RJIL's operations are subject to Customer Acquisition Form (CAF) audits by the DoT, and mentions past penalties related to KYC document mismatches. Furthermore, the text covers outstanding legal proceedings involving the company and its related parties, including various civil and tax matters. The company's business operations rely on the consistent supply of electrical power and fuel, and there are concerns about potential disruptions or cost increases. The text also addresses environmental regulations concerning pollution and the potential impact of electromagnetic field (EMF) exposure from telecommunications equipment.

The provided text discusses various risks related to business continuity, spectrum holdings, regulatory compliance, third-party partnerships, and reliance on various systems and personnel. It highlights risks associated with securing and maintaining spectrum allocations, obtaining and renewing statutory permits, and managing collaborations with third-party providers. Furthermore, it details dependencies on IT systems for billing and credit control, the evolving nature of regulatory guidelines, and potential issues with payment collection. The text also covers statutory dues payments and employee numbers.

The text discusses various operational and financial risks, including delays in processing statutory dues for new employees, which resulted in aggregated payments for the Company, RJIL, and Jio Haptik Technologies Limited. It also addresses risks related to access to the company's premises, which is contingent upon no-objection certificates from the Promoter and Reliance Corporate IT Park Limited. Furthermore, the document mentions potential conflicts of interest arising from related party transactions with the Reliance Group and the Directors, as well as the possibility of competition from other Reliance Group entities in the broadband and cable services sector. Finally, there are disclosures regarding contingent liabilities and the limitations of industry reports used for market data.

This section primarily discusses various risk factors affecting the company's operations, financial condition, and results of operations. It covers risks related to internal fraud and misconduct by employees and contractors, the potential impact of future employee stock option grants, the uncertainty surrounding the deployment of net proceeds from the issue, and risks associated with accessing capital and credit ratings. Furthermore, the text details risks from external factors such as geopolitical instability, public health emergencies, economic slowdowns, and changes in laws and regulations in India. It also mentions risks related to the potential for strategic transactions, the impairment of goodwill, and the impact of changes in India's sovereign debt ratings.

The provided text discusses various regulatory and market risks, including those related to competition laws, financial instability, and inflation, which could adversely affect the company's business and financial condition. It details that agreements entered into by the company might fall under the purview of the Competition Act, and that the effects of these provisions cannot be predicted with certainty. Furthermore, the text covers risks associated with foreign judgments, differences between Indian and international accounting principles, and various factors that could cause volatility in the market price of the equity shares post-issue. It also outlines restrictions on trading and the potential for delays in the commencement of trading on stock exchanges.

The document outlines various provisions related to takeover regulations and the rights of shareholders under Indian law, noting that these rights may be more limited than in other jurisdictions. The section details the structure of a proposed issue, specifying various portions such as Employee Reservation, RIL Shareholders Reservation, and Net Issue, which are allocated according to specific rules. It also provides summary financial information regarding the company's assets and liabilities as of specific dates.

This section presents various financial statements, including the restated consolidated statement of profit and loss and cash flows, for different fiscal periods. The data provided covers income, expenses, profit before tax, profit after tax, and cash flows from operating, investing, and financing activities. It also summarizes contingent liabilities as of June 30, 2026.

This section details the general and corporate information for Jio Platforms Limited, including its registered and corporate offices, as well as the list of directors on the Board of Directors. It also provides contact and grievance information for various parties related to the issue, such as the Company Secretary and Compliance Officer. Furthermore, the text lists the Book Running Lead Managers involved in the issue and outlines their specific responsibilities regarding capital structuring, drafting of prospectuses, and marketing strategies.

The section details various coordination responsibilities related to the issue, including finalizing media, marketing, and public relations strategies, as well as setting up centers for broker conferences. It also covers follow-up on the distribution of issue material and deciding on the quantum of the issue material. Furthermore, it outlines coordination with stock exchanges for book-building software and bidding terminals, and managing the book and pricing in consultation with the company. Post-bidding activities involve managing escrow accounts, coordinating non-institutional allocation, and coordinating with various agencies for post-issue steps like allocation to anchor investors and fund unblocking.

The document outlines several aspects related to the issuance process, including the appraisal of objects, the appointment of a monitoring agency, and various regulatory filings. The company has appointed Crisil Ratings Limited as the monitoring agency for the utilization of gross proceeds. The issue involves equity shares, for which credit rating is not required, and no debenture trustee is necessary. The book-building process details how the price band and minimum bid lot will be determined and published in various newspapers. Furthermore, an underwriting agreement will be entered into with underwriters and the registrar after the issue price is determined but before the prospectus filing.

This section details the authorized and issued share capital of the company as of the Draft Red Herring Prospectus date. It outlines the structure for future issues, including provisions for employee and RIL shareholder reservations. Furthermore, it provides a history of the build-up of promoter shareholding, showing the percentage held by the promoter relative to the pre-issue capital.

The provided section details various transactions and shareholding structures related to the company's capital. It includes a specific transaction on July 7, 2020, involving a transfer to Kamal Kumar Sharma. Furthermore, it outlines rules regarding promoter contributions and lock-in periods for different types of equity shares. The section also presents the shareholding pattern of major shareholders as of the Draft Red Herring Prospectus date.

This section details the shareholding structure of the company, including the promoter group and various public shareholders, comparing pre-issue and post-issue holdings. The promoter holds 66.43% of the share capital, while additional top 10 shareholders include Jaadhu Holdings, LLC (9.98%), Google International LLC (7.73%), and The Public Investment Fund (2.31%). The public shareholders' holdings are also disclosed, with the most significant public shareholder holding 1.75%. Furthermore, the document outlines details regarding an Employee Stock Option Scheme (JPL ESOS 2020), including the number of options granted, forfeited, and exercised.

This section details various aspects of the company's capital structure, including the weighted average cost of acquisition for equity shares and restrictions on financing and future issuance. It specifies that no equity shares were transacted in the last one year, 18 months, or three years preceding the DRHP filing. Furthermore, it outlines that there are no financing arrangements for securities purchases by the promoter group during the six months prior to the filing, and no buy-back arrangements exist. The section also clarifies that the BRLMs and their associates do not hold equity shares as of the DRHP date, and certain restrictions apply to the issuance of new equity shares.

Updated since the DRHP: This section details the authorized and issued share capital of the company as of the date of the Red Herring Prospectus. It outlines the breakdown of the share capital, including authorized equity and preference shares, and discusses various components related to the issue of new shares, such as employee and RIL shareholder reservations. The text also references approvals for the issue and provides procedural details regarding the allocation of unsubscribed portions of various reservation portions. This section details the shareholding pattern of the Company as of the date of the Red Herring Prospectus, structured across various categories. The data shows the breakdown of shares held by Promoter Group, Public entities, and Non-Promoter/Non-Public entities. Furthermore, it lists the shareholding of major shareholders, including entities like Reliance Industries Limited and Google International LLC, with their respective percentages of the paid-up share capital. This section details the pre-issue and post-issue shareholding structure, including various shareholders and their respective equity share percentages. It also covers details regarding an Employee Stock Option Scheme (JPL ESOS 2020), including the number of options granted, forfeited, and exercised. Furthermore, the text addresses various compliance and conduct clauses related to the issuance of equity shares, such as restrictions on financing arrangements and future capital raising activities. This section primarily discusses the issuance of equity shares and the reporting requirements for transactions involving equity shares by the Promoter and Promoter Group. It also outlines restrictions concerning certain entities, such as BRLMs and related parties, regarding participation in the Anchor Investor Portion.

The issue involves raising funds through a fresh issuance of equity shares. The net proceeds from this issue are proposed to be utilized for two main purposes: the prepayment of outstanding borrowings by the Material Subsidiary, RJIL, and for general corporate purposes. The company also anticipates benefiting from the listing of the equity shares on stock exchanges and the creation of a public market for the shares. The objects of the company and related matters are intended to enable the company to carry out its existing business activities, and the main objects allow RJIL to undertake activities funded by the proposed debt prepayment.

The section details the terms for various borrowings, including the name, date, nature, sanctioned amount, principal amount, and outstanding balance as of June 30, 2026, from specific banks. It also outlines conditions for prepayment, such as the ability to prepay without penalty, and minimum prepayment amounts. Furthermore, the company intends to deploy Net Proceeds towards general corporate purposes, which can include strategic initiatives, funding growth, payment of deferred liabilities, marketing, capital expenditure, and working capital. The utilization of funds will be determined by the Board based on business requirements, and any unutilized amount may be carried forward to the next fiscal year.

The document outlines various factors used to determine the price band and issue price for the equity shares, which involves consultation with BRLMs and assessment of market demand. It details qualitative factors related to the company's technology, market transformation, innovation culture, and its position as a digital gateway to India. Furthermore, the text presents quantitative factors such as various earnings per share metrics, P/E ratios compared to industry peers, Return on Average Net Worth, and Net Asset Value per Equity Share.

This section provides various financial and operational Key Performance Indicators (KPIs) that the Company considers relevant for determining the Issue Price. The KPIs are a combination of key financial and operational metrics intended to assess the Company's performance. The document clarifies that these KPIs are supplemental measures and should not be considered in isolation or as a substitute for the Restated Consolidated Financial Information. The KPIs have been approved by the Audit Committee and certified by the Chief Financial Officer.

This section primarily presents various financial and operational metrics for the company across different periods, including customer base, revenue, EBITDA, and profitability. It details performance data for different segments and compares the company's performance against that of peer companies. Furthermore, it includes extensive notes clarifying the sourcing of the data, definitions of various Key Performance Indicators (KPIs), and information regarding past equity issuances and pricing methodologies.

This section details the statement of special tax benefits available to Jio Platforms Limited and its shareholders under various Indian tax laws. These benefits are contingent upon the company and shareholders fulfilling specific conditions prescribed by the relevant laws, which are based on future business imperatives. The statement clarifies that the discussed benefits are not exhaustive and do not cover general tax benefits. It also provides limitations regarding the assurance of these benefits and advises investors to consult with their own tax consultants.

This section discusses the statement of special tax benefits available to Reliance Jio Infocomm Limited (RJIL) under various provisions of the Indian Tax Laws. It details several benefits related to corporate tax rates, employee employment deductions, inter-corporate dividends, and capital expenditure for spectrum rights. The availability of these benefits is contingent upon RJIL fulfilling prescribed conditions based on future business imperatives. The document outlines specific provisions from the Income-tax Act, 2025, and related rules concerning these tax benefits.

This section discusses deductions related to expenditure for obtaining a license to operate telecommunication services, which involves claiming deductions over the life of the license. It also details special tax benefits available to RJIL under various Indirect Tax Laws, including provisions related to imports from FTA countries and concessions on customs duty for imported telecom equipment.

This section details the examination report of the Joint Statutory Auditors on the Restated Consolidated Financial Information of Jio Platforms Limited. The examination covered various financial statements, including interim and consolidated statements, for different periods. The report confirms that the financial information was compiled based on specific preparation methods and relied on the audited reports of other auditors for certain subsidiaries and associates. The auditors confirmed that the financial statements complied with the relevant legal and regulatory requirements.

This section provides a detailed list of various subsidiaries and joint ventures that have been audited by the company, specifying the independent auditor and the exact periods covered by the audits. The list encompasses entities such as various Jio subsidiaries, Radisys entities, and others, along with the corresponding audit timelines.

This section provides a restated consolidated statement of assets and liabilities for JIO PLATFORMS LIMITED across various reporting periods. The data includes detailed breakdowns of non-current and current assets, equity, and liabilities, with figures presented in millions of Rupees. The statement covers balances as of June 30, 2026, June 30, 2025, and March 31, 2026, March 31, 2025, and March 31, 2024.

This section presents the restated consolidated financial statements for JIO PLATFORMS LIMITED across different periods, including three-month periods and full years. The Profit and Loss statement details various income and expense lines, resulting in profit before tax, profit after tax, and profit for the period. The Statement of Changes in Equity shows movements in various components of equity, such as reserves and retained earnings. Finally, the Cash Flow statement details cash flows from operating, investing, and financing activities, leading to the net change in cash and cash equivalents.

This section details the restated consolidated statement of cash flows for Jio Platforms Limited across various periods, including movements in financing activities and foreign exchange. It provides data for periods ending June 30, 2026, June 30, 2025, and for the years ended March 31, 2026, 2025, and 2024. The data includes figures for borrowings, cash flows, and related amounts. The document also outlines material accounting policies, including the basis of preparation, principles of consolidation, and summary of accounting policies for various assets and liabilities.

This section details various accounting policies and judgments used by JIO PLATFORMS LIMITED for its financial statements, covering areas such as trade receivables, financial liabilities, derivative instruments, provisions, revenue recognition, leases, and impairment testing. The text outlines specific approaches for recognizing losses, accounting for hedging relationships, and the criteria for recognizing provisions and revenue. It also provides extensive notes on the estimation uncertainties involved in determining the carrying amounts of assets, liabilities, and goodwill.

This section details various carrying values and schedules for different asset classes, including Property, Plant and Equipment, Spectrum, and other Intangible Assets. It provides historical snapshots of these values as of different dates and outlines the aging schedules for Capital Work-in-Progress and Spectrum Under Development. The data covers figures from 2023 to 2026, showing changes in these asset balances over time.

This section provides various ageing schedules for different asset classes, including Spectrum Under Development and Other Intangible Assets Under Development, across different time horizons (less than 1 year, 1-2 years, 2-3 years, and over 3 years). It also details the movement and valuation of Goodwill, various Investments (including in Associates, Joint Ventures, and Other Companies), and different categories of Financial Assets. Furthermore, it presents detailed breakdowns of Deferred Tax Assets and Liabilities, showing their balances across various reporting dates and their relationship to different asset classes.

This section details various financial and investment components of JIO PLATFORMS LIMITED, presenting data for different reporting periods. It includes figures for non-current assets like capital advances and security deposits, inventories, current investments, trade receivables, cash balances, and other financial assets. The data is provided across fiscal years ending June 30, 2026, June 30, 2025, March 31, 2026, March 31, 2025, and March 31, 2024. Furthermore, it outlines the structure of the share capital and details the percentage of shares held by major shareholders.

This section details various financial and structural notes for JIO PLATFORMS LIMITED, including promoter shareholding changes, employee stock option schemes, equity reserves, and borrowings. It also outlines deferred payment liabilities related to spectrum acquisitions, specifying the installment schedules and interest rates for different periods.

This section provides detailed breakdowns of the company's financial liabilities, provisions, borrowings, trade payables, and various operating expenses. Key liability figures, such as interest accrued, creditors, and various provisions, are presented for different reporting periods. The data includes details on current and non-current liabilities, as well as trade payables broken down by aging categories. Furthermore, the text lists components of revenue from operations, other income, network operating expenses, employee benefits, and finance costs.

This section details various financial line items, including expenses, taxes, profit before tax, and earnings per share, for different periods. It provides figures for various expense categories, tax components, and the resulting profit figures. Furthermore, it includes detailed information regarding employee benefits, such as contributions to defined contribution plans and the reconciliation of defined benefit obligations and fair value of plan assets.

This section primarily contains actuarial assumptions and related party disclosures for JIO PLATFORMS LIMITED. It details various assumptions regarding mortality tables, discount rates, salary escalation rates, and employee turnover rates for both funded and unfunded defined benefit plans. Furthermore, it outlines risks associated with these plans, such as Investment Risk, Interest Risk, Longevity Risk, and Salary Risk. The latter part of the section provides extensive tabular data on transactions with related parties, including purchases, sales, and various revenues and expenses, categorized by the nature of the transaction and the related party.

This section provides a detailed breakdown of financial relationships between JIO PLATFORMS LIMITED and various subsidiaries and associates, categorized by the reporting period. The data is presented in a tabular format, showing figures for three months ended June 30, 2026, June 30, 2025, and full years ended March 31, 2026, March 31, 2025, and March 31, 2024. The relationships include Fellow Subsidiary, Associate, and Joint Venture, with corresponding amounts for different entities.

This section provides a detailed breakdown of the financial information for JIO PLATFORMS LIMITED, presenting various line items across different time periods. The data is structured in a table format showing figures for three months ended June 30, 2026, June 30, 2025, and full years ended March 31, 2026, March 31, 2025, and March 31, 2024. The data includes various subsidiaries and associates, with amounts stated in millions of Rupees.

This section provides detailed financial information, including revenue from operations, across different periods for various entities, as reported in millions of Rupees. The data covers transactions between Jio Platforms Limited and several other entities, including Reliance Jio Infocomm Limited, Jio Things Limited, Saavn Media Limited, and others. The data is presented in a tabular format showing figures for three months ended June 30, 2026, June 30, 2025, and years ended March 31, 2026, March 31, 2025, and March 31, 2024.

This section presents various financial data points for JIO PLATFORMS LIMITED across different reporting entities and time periods. The data includes figures for different segments like Radisys Corporation, USA, Reliance Jio Infocomm Limited, and others, spanning from three months ended June 30, 2026, to years ended March 31, 2024. Key line items such as various revenues, costs, and expenses are provided in the raw data.

This section presents various financial line items and charges for Jio Platforms Limited across different reporting entities over various periods. It includes data for three-month periods ending June 30, 2026, June 30, 2025, and annual periods ending March 31, 2026, March 31, 2025, and March 31, 2024. The data is broken down by reporting entity, including Jio Platforms Limited, Radisys Technologies, and others, and details expenses like selling and distribution, telephone, and access charges.

This section details various transactions and balances related to the financial statements, including purchases of assets, transfers of fixed assets, issues of equity capital, and loan activities. It lists transactions involving various entities such as Reliance Jio Infocomm, Jio Things Limited, and others, across different reporting periods. Furthermore, it provides outstanding balances for investments and other entities as of specific dates.

This section details the movement in Trade Receivables and Trade Payables across various entities as of different reporting dates, with all amounts denominated in millions of Rupees. The data covers a range from the 31st March 2024 to the 30th June 2026, showing figures for subsidiaries like Radisys, Jio Platforms, and various Jio components. The information provides a snapshot of the balance sheet components related to trade operations for these entities.

This section provides various financial notes for JIO PLATFORMS LIMITED, covering trade payables, key management compensation, contingent liabilities, capital management principles, net gearing ratios, financial instruments, and financial risk management. It details the breakdown of various liabilities, assets, and financial instruments across different reporting periods. Furthermore, it outlines the group's approach to managing market, credit, and liquidity risks through various financial instruments and monitoring of interest rate exposure.

This section details the maturity profiles for borrowings, lease liabilities, and derivative liabilities as of March 31, 2026, March 31, 2025, and March 31, 2024. It also provides information on derivative liabilities and the application of hedge accounting for both fair value and cash flow hedges. The data includes various components such as forwards contracts, interest rate swaps, and details regarding the timing and impact of these instruments.

This section details various aspects of the financial statements, including information on share-based payment schemes and the breakdown of consolidated financial information from subsidiaries and joint ventures. It includes data on the number of stock options granted and exercised, as well as a comprehensive list of subsidiaries, their ownership interests, and their respective net assets and profit/loss shares. The data also shows the consolidation adjustments made for various entities.

This section details the consolidated financial information for Jio Platforms Limited for the three months ended June 30th, 2025, and for the year ended March 31st, 2026, broken down by its subsidiaries and associates. The data includes metrics such as net assets, various profit/loss shares, and comprehensive income shares, presented as percentages of consolidated net assets and profit/loss. The data is presented in millions of Rupees.

This section provides detailed notes to the restated consolidated financial information, including breakdowns of various subsidiaries, associate, and joint venture interests. It also details Corporate Social Responsibility (CSR) expenditures across different periods and outlines various statutory and supplier finance arrangements. The notes include reconciliation statements for total equity and profit figures between audited and restated statements.

The financial statements, including the Restated Consolidated Statement of Assets and Liabilities, Profit and Loss, and Cash Flows, were prepared in line with the accounting policies and classifications of the group's Ind AS financial statements for the three-month periods ended June 30, 2026, June 30, 2025, and the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. No audit qualifications or other legal/regulatory matters requiring adjustments were reported in the auditor's reports for these periods. The audited financial statements were approved for issue by the Board of Directors on October 7, 2026.

This section discusses the consequences of default under credit facilities, including the right to cancel undrawn limits and seek repayment of outstanding monies. It also addresses risks related to indebtedness and the inability to meet financial covenants, which could negatively impact the business and funding for capital expenditures. The document clarifies the reporting periods, distinguishing between fiscal years and specific three-month periods. It details the company's position as a technology platform driving digital transformation in India, highlighting its role in democratizing digital access. The text further outlines various drivers for customer base growth, such as the launch of 5G and fixed broadband services, and notes increases in per capita data consumption and Average Revenue Per User (ARPU).

The company highlighted strategic investments in its technology roadmap, showing a decrease in Cash Capex as a percentage of revenue from operations. These investments were aimed at developing a standalone 5G network and building a Radio Access Network to accelerate fixed wireless access roll-out. The company noted that its 5G subscriber base reached 284.9 million and the JioAirFiber subscriber base was 14.0 million as of June 30, 2026. Furthermore, the company claimed to be the leader in digital connectivity in India with 1.4 times the 4G+5G subscribers of the second player as of June 30, 2026. Revenue from operations was significantly influenced by long-term agreements with the Reliance Group, which underpin critical aspects of the operating model and revenue generation.

The financial performance shows positive growth across various metrics for the periods analyzed. Revenue from operations increased in the recent three-month period, driven by higher customer numbers and Average Revenue Per User (ARPU). Other income saw a significant surge, largely due to increased interest income from fixed deposits and callable corporate instruments. Expenses, including network operating expenses and various other costs, showed increases, which were partially offset by decreases in certain areas. Profit for the period also showed an increase.

The financial statements show significant changes in various expense categories between Fiscal 2024 and Fiscal 2025, with notable increases in professional fees, rent, subscription fees, and content charges, largely attributed to operational expansion and new service offerings. Profit for the year also increased by 21.87% during this period. The document details various non-GAAP measures, definitions for EBITDA, EBIT, and margins, and provides detailed breakdowns of borrowings, net debt, and net worth over different periods. Furthermore, the cash flow statement details operating, investing, and financing activities, including cash flows related to capital expenditure and investments.

This section details various financial and contractual aspects of the company, including cash flows, indebtedness, and contingent liabilities. It provides breakdowns of borrowings, contractual obligations, and commitments across different time periods. Furthermore, it outlines the company's risk management policies concerning market risks, including foreign currency, interest rate, credit, and liquidity risks, and discusses dependencies on third-party infrastructure providers.

This section details various accounting policies and recognition principles for different financial items and transactions. It covers the accounting for financial assets, liabilities, derivative instruments, provisions, revenue recognition, share-based payments, tax, and leases. Specific rules are outlined for impairment, credit loss recognition, and the treatment of various financial instruments and contracts.

The section details various legal and regulatory matters concerning the Company, its Subsidiaries, and the Promoter. There are no outstanding litigation found directly against the Company itself. However, there are several proceedings involving the Subsidiaries, including criminal and civil actions, and actions by statutory and regulatory authorities. Specific attention is given to litigation involving Reliance Jio Infocomm Limited (RJIL), which includes criminal revision petitions, complaints related to refunds, various summonses, and issues concerning mobile tower installations and dues. Furthermore, there are instances where statutory authorities like TRAI have issued orders and RJIL has filed appeals, and disputes regarding spectrum usage charges. Finally, there are mentions of complaints by third parties alleging copyright infringement against Saavn Media Limited, and various civil and criminal proceedings involving the Promoter, RIL, and RJIL concerning scheme of arrangement accounting.

The section details numerous outstanding legal and regulatory matters involving the Company, its subsidiaries, and the Promoter, RIL. These include criminal proceedings against Directors, civil disputes concerning various regulatory violations such as food safety, insurance mis-selling, and violations of the Drugs and Cosmetics Act. Furthermore, RIL has faced significant regulatory scrutiny, including investigations by the SFIO and CBI, as well as penalties and disputes with SEBI regarding fraudulent trading, and complex arbitration and execution proceedings with the Government of India over production sharing contracts and various demands for payment.

The section details outstanding litigation involving Key Managerial Personnel, which includes criminal proceedings filed by the Food Safety and Standards Authority of India against the CEO and an Independent Director concerning non-compliance with food safety standards, with the matter having been stayed by a court order. There are no outstanding actions by statutory or regulatory authorities against the Key Managerial Personnel. The document also discloses significant outstanding tax claims involving the Company, Promoter, Subsidiaries, and Directors, totaling a substantial amount, and disputes pending before various judicial fora regarding input tax credit disallowances and demands for GST. Furthermore, outstanding dues to various creditors, including material and MSME creditors, are detailed, and there is a mention of material developments since the last balance sheet date.

This section lists numerous entities and their registered office addresses, spanning various sectors including retail, technology, and finance. Many entities are associated with the Reliance group, with offices located in Mumbai, Gujarat, and Bangalore. The list includes various subsidiaries, service providers, and media entities across different geographical locations.

The document confirms that certain financial information regarding the top five Group Companies for the preceding three years is hosted on their respective websites to comply with SEBI ICDR Regulations. It further clarifies that the information provided on these websites is not part of the Red Herring Prospectus and should not be relied upon for investment decisions. The text also asserts that there are no outstanding litigation proceedings involving the Group Companies that could materially impact the Company.

The section primarily outlines various disclaimers and acknowledgments regarding the Draft Red Herring Prospectus, clarifying that the submission to SEBI does not imply approval. It details the responsibilities of the Company, Directors, and Book Running Lead Managers (BRLMs) concerning the accuracy of the disclosures. Furthermore, it establishes that the filing does not absolve the company from existing legal liabilities or the requirement to obtain necessary clearances. The text also specifies restrictions on the distribution and sale of Equity Shares, particularly concerning transactions within and outside the United States, and outlines eligibility criteria for investors.

The section discusses various disclaimers and permissions granted by the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE) regarding the use of the Offer Document. It details the scope of permissions granted by both exchanges, including limitations on what the permission implies, and clarifies that the permission does not guarantee the correctness or completeness of the document's contents or the listing status of the securities. Furthermore, it outlines procedures for dealing with bids and issues, including timelines for repayment of funds if listing formalities are not completed, and lists various consents obtained from directors, legal counsel, auditors, and other relevant parties.

This section details the summary statements of price information for past issues handled by several financial institutions across three fiscal years. The data is segmented by the performance of IPOs trading at discount or premium over various listing periods (30th, 90th, and 180th calendar days). The information is provided by entities including Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, and BNP Paribas, covering numerous listed companies and financial instruments.

This section details the price information of past issues handled by various financial intermediaries across different fiscal years. It provides a breakdown of the number of Initial Public Offerings (IPOs), the total amount of funds raised, and the distribution of IPOs trading at various price levels (discount or premium) based on the time elapsed since the listing date.

This section details various price information for past issues handled by different securities firms, categorized by the financial year. It includes data on the total amount of funds raised, the number of IPOs trading at various price points (discount/premium) over different timeframes, and the corresponding fund amounts for fiscal years 2026-27, 2025-26, and 2024-25. The data is sourced from HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, and Jefferies India Private Limited.

This section details various past Initial Public Offerings (IPOs) and issues handled by different financial intermediaries, categorized by the time elapsed since the listing date. The data is presented across different fiscal years, showing the total amount of funds raised and the distribution of IPOs trading at discount or premium over various timeframes. Several issues involved discounts offered to eligible employees, with specific discount amounts noted for each case. The information is sourced from data provided by JM Financial Limited and SBI Capital Markets Limited.

The provided section primarily details the summary of price information for past issues handled by 360 ONE WAM Limited across different fiscal years, noting the number of IPOs and the total funds raised. It also lists various Book Running Lead Managers (BRLMs) and outlines the mechanism for investor grievance redressal, including retention of records and procedures for investors to contact the Registrar to the Issue or BRLMs for various issues.

This section details various rights of a shareholder, the allotment process for Equity Shares, and procedural aspects related to the Issue. It specifies that Equity Shares must be allotted in dematerialized form and trading must occur in dematerialized form on Stock Exchanges. It outlines agreements between the Company, Depositories, and the Registrar, and mandates compliance with disclosure and accounting norms from SEBI. The section also covers jurisdiction, restrictions on offering shares outside India, and provisions regarding joint holders. Furthermore, it details the nomination facility, the indicative timetable for the Issue, various compensation clauses for delays, and conditions related to minimum subscription requirements and the disposal of odd lots.

This section details various procedural aspects related to the withdrawal of an issue, the subsequent steps for proceeding with a public offering, and the structure and eligibility criteria for the issue. It outlines conditions for withdrawing the issue, requirements for filing fresh prospectuses, and the different categories of eligible investors, including employees, RIL shareholders, QIBs, NIIs, and RIIs, along with specific rules for allotment based on bid size and various investor types.

This section details various rules and procedures related to the book-building process for the issue, including different categories of bidders such as Anchor Investors, Qualified Institutional Buyers (QIBs), Non-Institutional Investors, Retail Individual Investors, and Eligible Employees. It outlines rules for allocation, reservation of portions, and the process for submitting bids through various mechanisms like ASBA and UPI. Furthermore, it specifies requirements for bid forms, the handling of multiple bids, and the rules concerning the use of various payment and submission systems.

This section details various procedural rules and restrictions concerning the participation of different investor categories in the Issue, including cut-off times, bid modification rules, and specific requirements for various investor types such as Promoters, Mutual Funds, NRIs, FPIs, and various corporate entities. It outlines conditions for bid acceptance, the handling of bids from different entities, and limitations on holding percentages for various investors and investment vehicles.

This section details various provisions and conditions related to different categories of bidders for the Issue, including Employee Reservation, RIL Shareholder Reservation, insurance companies, NBFC-SI, and various power of attorney holders. It outlines specific requirements for documentation, such as certificates, and the Company's right to reject bids if required documents are missing. Furthermore, it specifies procedures for pre-issue advertisements, allotment announcements, and the signing of underwriting agreements. It also provides detailed instructions for bidders, particularly concerning the use of UPI mechanisms and the required accuracy of bidder details.

This section primarily outlines various procedural requirements and 'Don'ts' related to the bidding process, including rules for signing forms, fund availability, submission methods, and details concerning different investor categories. It specifies rules for Bidders, such as ensuring funds are available for blocking, the necessity of correct details, and restrictions on bid amounts and timing. It also details grounds for technical rejection of bids and clarifies the process for allotment, including how oversubscription is handled and the allocation of shares across different investor categories.

This section details various undertakings by the Company related to the Issue, including commitments to address complaints, procedures for refunding or unblocking subscription amounts if listing or trading approvals are not obtained within the prescribed timeframes, and timelines for completing necessary formalities for listing and trading. It also outlines conditions regarding the utilization of funds received from the Fresh Issue and restrictions on impersonation under provisions of the Companies Act, 2013.

This section details various articles concerning the issuance, transfer, and lien rights related to the Company's share capital and securities. It covers provisions on the control of shares by the Board, the methods for issuing different kinds of shares, procedures for receiving certificates, and the rights of the Company to place a lien on shares for outstanding monies. Furthermore, the text outlines procedures for handling calls on shares, the validity of transfers, and the transmission of shares upon the death or insolvency of a member.

This section details various provisions related to the rights of shareholders, including indemnity, the process for electing or transferring shares, and the procedures for forfeiture of shares due to non-payment. It outlines the conditions under which a member can be entitled to dividends and the Board's power to require compliance with transfer notices. Furthermore, the text covers the rules for dealing with various securities, the power to alter share capital, and the procedures for capitalizing profits and buy-backs of company shares.

This section primarily details procedural aspects related to meetings, voting rights, and the functioning of the Board of Directors. It outlines rules for adjourning meetings, the manner in which business is decided (poll vs. show of hands), and the rights of members to vote. Furthermore, it covers provisions regarding proxy voting, the composition and powers of the Board, the appointment and tenure of directors, and the delegation of powers to various committees.

This section primarily details various provisions related to the declaration and payment of dividends, including rules on interim dividends, the use of profits for reserves, and the division of profits. It also covers rules regarding payments in advance, the apportionment of dividends, and the deduction of amounts owed by members. Furthermore, the text outlines procedures for the receipt of dividends, the waiver of dividends, and the handling of unclaimed dividends. The latter part of the section details provisions concerning the inspection of company books, the winding up of the company, indemnity for directors and officers, and insurance provisions for key managerial personnel.

This section primarily details various consents, reports, and certificates related to the issuance and disclosure process, involving statutory auditors, consultants, and various agreements. It includes consents from Joint Statutory Auditors to include their names in the Red Herring Prospectus, as well as various certificates concerning the company's KPIs, financial indebtedness, capital structure, and JPL ESOS 2020 particulars. Furthermore, the text lists numerous shareholder and promoter agreements, trademark licenses, and tripartite agreements, alongside various legal counsels and regulatory approvals.

This section primarily consists of declarations by various Directors confirming compliance with relevant provisions of the Companies Act, 2013, and various rules, regulations, and guidelines issued by the Government of India and the Securities and Exchange Board of India. The declarations affirm that no statements, disclosures, or undertakings made in the Red Herring Prospectus are contrary to the provisions of the Companies Act, the SEBI Act, the SCRA, and the SCRA Rules, as amended. Several individuals, including the Managing Director, Non-Executive Directors, and Independent Directors, signed these confirmations on October 14, 2026.

This section primarily consists of declarations by various Directors and the Chief Financial Officer confirming compliance with various laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India or the Securities and Exchange Board of India. The declarations affirm that no statements or disclosures in the Red Herring Prospectus contradict these laws and rules. These confirmations were signed by Haigreve Khaitan, Dinesh Hasmukhrai Kanabar, Zia Jaydev Mody, and Saurabh Sancheti.

The document summarizes various related party transactions categorized by the nature of the transaction, such as the purchase of assets, sale of assets, revenue from operations, and various service fees. It details transactions involving the Company and its subsidiaries, as well as transactions between the Company and the Promoter, and between RJIL and Reliance Retail Limited (RRL). Material related party transactions (Material RPTs) have been approved by the audit committee and shareholders for various periods, with limits set for future fiscal years.

The document details various agreements and transactions between the Company and related parties, including RRL, RJIL, and its subsidiary RJIUK. Agreements cover services such as software development, IT services, sale of recharge vouchers, and cloud services, with pricing structures varying from cost plus margin to market rates. Limits for these transactions have been approved by the Promoter shareholders for various fiscal years, extending up to Fiscal 2032 for some categories. Specific limits are set for transactions with RRL and RJIL, and transactions between the Company and its subsidiary RJIUK are approved up to Fiscal 2030.

The Board of Directors comprises ten members, including one Managing Director and five Independent Directors. The board structure details various directors, their designations, directorships in other companies, and tenure periods. Key personnel profiles highlight the diverse expertise of the directors, covering areas from industrial strategy and digital connectivity to legal expertise and corporate governance. Specific directors have extensive backgrounds in various sectors, including finance, law, and industry.

The provided text details various aspects related to the management and directors of the company, including relationships between certain individuals and the terms of appointment and remuneration for key personnel. It outlines specific details regarding the salary, perquisites, and reimbursement terms for the Managing Director, Mr. Akash Mukesh Ambani, and the sitting fees for Non-Executive and Independent Directors. Furthermore, it describes the constitution and powers of the Audit Committee, which is responsible for oversight of financial reporting, auditor appointments, and review of various transactions.

The provided text outlines various responsibilities and reviews mandated for different committees and functions within the company, covering areas such as financial oversight, internal controls, compliance, and governance. Several committees, including the Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, Risk Management Committee, and Corporate Social Responsibility Committee, have been constituted with specific scopes related to director evaluation, shareholder grievances, risk mitigation, and CSR policy formulation. The text also details various reviews concerning financial statements, internal control effectiveness, and adherence to regulatory provisions.

This section details the various Key Managerial Personnel (KMP) and Senior Management of the company, including their roles, responsibilities, and relevant experience. Key personnel include the Chief Executive Officer, Chief Financial Officer, Company Secretary, Compliance Officer, Chief Innovation Officer, Chief Strategy Officer, Chief Digital Services Officer, Chief Product Officer, President of International Business, President of Network Solutions, Chief Human Resources Officer, General Counsel, Chief Marketing Officer, President of Autonomous Network Platform, Chief Regulatory Officer, and others. The text outlines their functional responsibilities, such as operational management, technology vision, financial strategy, legal counsel, and marketing strategy, alongside their professional backgrounds and compensation details.

The section details the promoter, Reliance Industries Limited (RIL), and provides information on the company's corporate history and business diversification. RIL was originally incorporated as Mynylon Limited and has since undergone several name changes. The company's business has expanded significantly beyond its initial textile focus into various sectors including hydrocarbon exploration, petroleum refining, petrochemicals, renewables, retail, and digital services. The text also lists the board of directors, including various executive and non-executive directors, and outlines the promoter's interests and guarantees.

The policy regarding the declaration and payment of dividends requires compliance with statutory requirements under applicable laws, including the Companies Act, 2013 and SEBI Listing Regulations. The Board has the discretion to declare dividends based on internal factors such as profits, retained earnings, earnings outlook, capital/liquidity requirements, and material events. External factors considered include changes in the macroeconomic environment, new or changing regulatory requirements, and technological changes that necessitate new investments. Furthermore, the company may retain all future earnings for investments or other purposes as approved by the Board, subject to compliance with the Companies Act, 2013. The document explicitly states that no dividends have been declared or paid in the three fiscal years preceding the DRHP date, nor will any be paid in the period between April 1, 2026, and the DRHP date.

Updated since the DRHP: The Board of Directors comprises 10 members, including one Managing Director and five Independent Directors. The list details the particulars of the directors, including their designations, addresses, occupations, dates of birth, current terms, and periods of directorship. Key individuals include the Chairman and Non-Executive Director, the Managing Director, several Non-Executive Directors, and multiple Independent Directors. Specific details on their tenure and affiliations with other companies are provided. The document details the adoption of various policies by the company and outlines the constitution of several Board committees as required by SEBI Listing Regulations and the Companies Act, 2013. Specifically, it describes the formation and powers of the Audit Committee, which is tasked with overseeing financial reporting, recommending auditors, and reviewing financial statements with the management. The document outlines various functions related to shareholder relations, including monitoring insider trading compliance, grievance redressal, and the receipt of shareholder communications and dividends. It details the composition and scope of the Risk Management Committee, which is tasked with formulating risk management policies, reviewing risk plans, and ensuring the mitigation of identified risks. Furthermore, the Corporate Social Responsibility Committee is responsible for formulating and recommending a CSR policy, monitoring its implementation, and approving annual CSR reports. The document details several Key Managerial Personnel and Senior Management for the company. Key personnel include the Chief Executive Officer, Chief Financial Officer, Company Secretary, Compliance Officer, Chief Innovation Officer, Chief Strategy Officer, Chief Digital Services Officer, Chief Product Officer, President of International Business, President of Network Solutions, Chief Human Resources Officer, General Counsel, and Chief Marketing Officer. Various individuals have extensive experience within the Reliance Group and hold specialized qualifications and professional recognitions. This section details the shareholding pattern of RIL as of June 30, 2026, categorized into Promoter and promoter group, Public, and Non-promoter-non-public segments. The data includes various metrics such as the number of shareholders, the number of fully paid up equity shares held, and the percentage of total voting rights. The data is presented across different shareholding categories, including details on shares underlying Depositary Receipts and shares held by an employee trust. This section lists various entities, which are categorized into Indian and Foreign companies. It also details the Board's policy regarding dividend declaration. The dividend policy states that the Board has discretion in declaring dividends, considering internal factors such as profits, retained earnings, future earnings outlook, capital/liquidity needs, and material events. External factors considered include macroeconomic changes, new regulatory requirements, and technological changes that necessitate new investments. Furthermore, the company may retain future earnings for investments or other purposes as approved by the Board, and there is no guarantee of future dividend payments.