- Chairman of Reliance Industries (RIL) Mukesh Ambani said Friday in a statement that the company has become debt-free after it managed to raise Rs 1,68,818 crore in just 58 days.
Mukesh Ambani said Friday in a statement that Reliance Industries (RIL) has become debt-free after it managed to raise Rs 1,68,818 crore in just 58 days.
At last count, Ambani-led telecom venture Jio Platforms had raised Rs 1,15,693 crore within a span of eight weeks through 11 back-to-back deals. The flagship Reliance Group itself earned Rs 53,124.20 crore last month, through India’s largest issue of rights ever.
RIL has amassed Rs 115,693.95 crore in exchange for Jio’s 24.7 percent stake through a company’s largest uninterrupted fundraising anywhere in the world. The transactions led on April 22 by Facebook for 9.99 percent by a strategic investment of Rs 43,574 crore, followed one after the other in a period of just nine weeks and during a global lockdown.
“Our net debt was crore Rs 161,035, as it was on March 31, 2020. RIL has become net debt-free with these investments, “Reliance Industries said in a release Friday.
“Once again and again, exceeding the expectations of our shareholders and all other stakeholders is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I would like to assure them that in its Golden Decade, Reliance will set even more ambitious growth goals and achieve them, in fulfillment of the vision of our Founder, Dhirubhai Ambani, in a consistently incrusted way.