Reliance Industries Becomes Net Debt Free Eight Months Ahead Of Schedule

Reliance Industries Limited (RIL) said the overwhelming response from its share sale and back to back investments in its Jio platforms has enabled the company to become net debt free ahead of its otherwise schedule of March 2021.

Reliance Industries Becomes Net Debt Free Eight Months Ahead Of Schedule

In a span of just 9 weeks, the company mopped up Rs. 115,693.95 crore from some of the top global financial investors and Rs. 53,124.20 via the rights issue offer. In a statement, the company said, in addition to the stake sale in the petro-retail JV to BP, the overall fund garnered is more than Rs. 1.75 lakh crore.

"Our net-debt was Rs 161,035 crore, as on March 31, 2020. With these investments, RIL has become net debt-free."

"The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic," the company said in a statement on Friday.

Back to back investor interest to get a pie in Jio Platforms was the largest continuing fund raising spree by any company globally.

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