Mukesh Ambani’s Reliance Industries has become net debt free by Rs 168,818 crore in just two months through the country’s highest ever rights issues and series of stake sale deals in its arm Jio Platforms, delivering on a promise given to shareholders in August last year.
Reliance is the most valuable company of the country, topped Rs 11 lakh crore in market capitalisation. During the lockdown all over the country, the conglomerate raised Rs 53, 124.20 crore by offering shares to existing shareholders, and another Rs 115,693.95 crore through sale of stake in Jio Platforms through 11 deals.
“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” said Mukesh Ambani.
After today’s spike in the share of Reliance, investors’ wealth in Reliance Industries rose by 84,000 crore and the company itself contributed over 100 points towards gain the Sensex.
As Reliance becomes debt free, billionaire Mukesh Ambani says Reliance is now “in its golden decade,”
Earlier this month, Reliance Industries’ rights issue was subscribed 1.59 times, which the company said was “not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years”.
In Jio platforms, Reliance Industries sold a total 24.70 per cent stake in 11 deals for Rs 1,15,693.95 crore within nine weeks starting April 22. Reliance Industries shares surged 6.2 per cent to close at Rs 1,759.50. The stock sharply outperformed the Sensex which ended 1.5 per cent higher.