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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, RIL said that it has raised over Rs 168,818 crore in just 58 days.
Mumbai: 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, 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 sale 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.
These along with last year’s stake sale to BP Plc in petro-retail JV, the total fund raised is in excess of Rs 1.75 lakh crore, the exchange filing said. A group of international investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF have invested in the company’s digital arm Jio Platforms, which houses the country’s latest entrant in the telecom sector Reliance Jio, since April 22, 2020. PIF’s Rs 11,367 crore investment for a 2.32 per cent stake marks the end of Jio Platforms’ current phase of induction of financial partners, the exchange filing said.
Along with this, RIL had launched India’s biggest right issue, which was subscribed 1.59 times. As of March 31, 2020, RIL’s net-debt stood at Rs 161,035 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. “I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue,” he added.
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