RIL raised over Rs 168,818 crore in just 58 days thanks to Rs 115,693.95 crore collected from investors at Jio and another Rs 53,124.20 crore from a rights issue.
As the Jio platforms, owned by Reliance Industries, secured record investments from 11 of the world’s largest financial investors in the space of nine weeks, the telecommunications energy major announced on Friday that it was became net debt free well ahead of its March 2021 target.
RIL raised over Rs 168,818 crore in just 58 days thanks to Rs 115,693.95 crore collected from investors at Jio and another Rs 53,124.20 crore from a rights issue. Along with the sale of BP’s stake in the petro-retail joint venture, the total fundraising exceeds 1.75 lakh crore, the company said in a statement.
“Our net debt was Rs 161,035 crore, as of March 31, 2020. With these investments, RIL has become net debt free.”
RIL raised Rs 115,693.95 crore in exchange for 24.7% stake in Jio through the largest uninterrupted fundraiser of any company in the world. The agreements, led by a strategic investment of Rs 43,574 crore on April 22 by Facebook for 9.99%, followed each other in the space of just nine weeks and during a global lockdown.
The rights issue, which was subscribed 1.59 times, was not only the largest ever in India, but also the largest in the world by a non-financial entity in the past ten years, RIL said.
“Today, I am both delighted and honored to announce that we have delivered on our promise to shareholders by releasing Reliance’s net debt well ahead of our initial timeline of March 31, 2021,” said Mukesh Ambani, Chairman and Managing Director of RIL.
“Exceeding the expectations of our shareholders and all other stakeholders, time and time again, is in Reliance’s very DNA. Therefore, on the proud opportunity to become a Net Debt Free Company, I want to assure them that Reliance in its Golden Decade will set even more ambitious growth targets and achieve them, in line with the vision of our founder, Dhirubhai Ambani, of constantly increase our contribution to India’s prosperity and inclusive development.
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