1,68,818 crore raised in 58 days
MUMBAI: Mukesh Ambani-owned Reliance Industries Ltd is now completely debt free, with the company raising over Rs 1,68,818 crore in the last 58 days. Reliance has also raised Rs 53,124.20 crore from the rights issue. Mukesh Ambani has announced this on Friday.
Ambani, chairman and managing director of Reliance Industries, had targeted the company to become completely debt-free by August 2021 in August last year. By the end of March 2020, the outstanding debt on the company was Rs 3,36,294 crore and cash in hand was Rs 1,75,259 crore. After adjusting for cash, the net debt stood at Rs 1,61,035 crore. Of this, 2,62,000 is loaned to Reliance Industries and Rs 23,000 crore is in Jio’s account.
Reliance Industries on Thursday sold a 2.32 per cent stake in its digital entity Jio Platforms to Saudi Arabia’s asset fund ‘Public Investment Fund’ (PIF) for Rs 11,367 crore. Overall, the company has raised about Rs 1.16 lakh crore by selling stake in its digital unit since April. It started with the investment of Facebook from 22 April.
Reliance has so far sold 25 per cent stake in Jio Platforms. The company said in a statement that the Saudi Government Property Fund has been invested on the basis of equity value of Rs 4.91 lakh crore and undertaking value of Rs 5.16 lakh crore. With this investment, Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadla, ADIA, TPG and L Caterton have invested Rs 1,15,693.95 crore in Jio Platforms since April 2020.
