Reliance Industry has achieved the target of net debt-free before March 2021. Chairman Mukesh Ambani announced this on Friday. The company has raised Rs 1,68,818 crore in the last 58 days. Reliance Industries has raised these funds through a right issue and investment in a digital arm. On Friday, Mukesh Ambani said, "I am happy to announce that the promise made to the shareholders has been fulfilled." We have fulfilled this promise ahead of our schedule of 31 March 2021 and have relieved the debt of Reliance Net. Reliance stock has made a new high of Rs 1684 on the NSE on Friday. This has also led to a strong increase in the company's market cap. RIL's market cap has increased to Rs 10.64 lakh crore.
It is noteworthy that Reliance Industries announced on Thursday the 11th investment in Jio Platforms. Saudi Arabia's sovereign wealth fund PIF will invest Rs 11,367 crore in Jio Platforms for 2.32 percent stake after 10 consecutive investors in the last 9 weeks.
According to the statement issued by the company, the company has raised Rs 115,693.95 crore through foreign investment in the Jio platform in the last 28 days. At the same time, Rs 53,124.20 crore has been raised through right issue.
BP's stake sale in the petro-retail JV has also increased the company's total fund-raising to Rs 1.75 lakh crore. The statement also said that the company had a debt of Rs 161,035 crore as on March 31, 2020. Reliance Industry has raised Rs 115,693.95 crore through 24.7 percent sales in Jio platforms.
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