India’s Reliance Industries becomes ‘net debt free’

Reliance Industries (RIL) chairman and managing director Mukesh Ambani announced on Friday that his company is now net-debt free after raising funds of Rs 1.69 lakh crore in less than two months.

“Today 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 31st March 2021,” Ambani said in a statement to the stock exchanges.

In a filing to the stock exchanges, Reliance Industries (RIL) said that it has raised over Rs 168,818 crore in just 58 days.

Reliance Industries (RIL) chairman and managing director Mukesh Ambani announced on Friday that his company is now net-debt free after raising funds of Rs 1.69 lakh crore in less than two months.

“Today 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 31st March 2021,” Ambani said in a statement to the stock exchanges.ADVERTISEMENTnull

In a filing to the stock exchanges, RIL said that it has raised over Rs 168,818 crore in just 58 days. Out of this, investments by global tech investors in Jio Platforms stands at Rs 115,693.95 crore, for a stake of 24.70 per cent. Apart from this, the company has also raised Rs 53,124.20 crore through the country’s biggest rights issue.

As of March 31, 2020, RIL’s net-debt stood at Rs 1.61 lakh crore.

“Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio. As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms,” Ambani said in the company statement.

Indian conglomerate Reliance Industries Ltd said on Friday that it became net debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue.

The company’s net-debt was Rs 161,035 crore, as on March 31, 2020.

Consequently, it has now emerged as a net debt-free company.

In a statement, RIL Chairman Mukesh Ambani said: “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021.”

As per the statement, Jio Platforms has now announced investment of Rs 115,6 93.95 crore by leading global investors.

Besides, it raised Rs 53,124.20 crore via a ‘Rights Issue’.

The company said that combined capital raised has no precedence globally in such a short time.

“Both of these are also unprecedented in Indian corporate history and have set new benchmarks,” the company said in a statement.

“This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic.”

Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs 1.75 lakh crore, the company said.

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