Reliance Debt Free: Mukesh Ambani’s RIL becomes ‘net debt free’ by raising Rs 1.69 lakh crore | India Business News – Times of India


RIL is controlled by Mukesh Ambani. (File photo)

NEW DELHI: Reliance Industries Ltd (RIL) said on Friday that it became net debt free after raising over Rs 1.69 lakh crore ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue.
“RIL has raised over Rs 1,68,818 crore in just 58 days through investments by global tech investors (Rs 1,15,693.95 crore) and rights issue (Rs 53,124.20 crore),” the company said in a statement.
“Our net-debt was Rs 1,61,035 crore, as on March 31, 2020. With these investments, RIL has become net debt free,” it added.
Jio Platforms’ leading global investors included Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF.
The RIL rights issue, which was subscribed 1.59 times, was the largest in the world by a non-financial entity in the last 10 years, the company further said.
On August 12 last year, RIL chairman Mukesh Ambani had assured shareholders about his roadmap for Reliance becoming a net debt free company before March 31, 2021.
As RIL achieved net debt free status, Ambani stated, “I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt free much before our original schedule of March 31, 2021.”
Shares of the company rose as much as 1.30 per cent on the BSE index.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *