RIL Hits New All-Time High For The Second Consecutive Day

Shares of Reliance Industries Limited (RIL) hit a new all-time high for the second consecutive day. The stock surged to an intraday high of Rs 1,618.40 as the Mukesh Ambani-led conglomerate received its eight investment in Jio Platforms in less than seven weeks.

Shares of the company touched their previous all-time high of Rs 1,618 on 5 June, the previous trading day.

On Sunday, the company announced that the Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, will invest Rs 5,683.5 crore into Jio Platforms, for a 1.16 percent stake.

RIL has now sold a little over 21 percent stake in Jio Platforms to foreign investors to raise as much as Rs 97,885.65 crore, or $12.96 billion.

After conquering the telecom business in India, the Mukesh Ambani led company has been pushing towards consumer-based digital technology business in India. Using Reliance Jio's large subscriber base, the company was able to deepen its reach in via music, video streaming, online shopping, broadband and more, making Jio Platforms an attractive investment for foreign investors.

Since the announcement of its first deal with Facebook on 22 April, it gained 30 percent.

Last week RIL also successfully completed its Rs 53,124 crore rights issue, which was subscribed nearly 160 percent. The issue was open between 20 May and 3 June.

According to data from Dealogic, the issue is the biggest in the world by a non-financial issuer in the last 10 years. The only other non-financial issuer close to the issue size is $7.002 billion issue by Bayer AG in June 2018.