Taken together with last year's sale of 49 percent stake in fuel retailing venture to BP Plc of United Kingdom for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.
After raising almost Rs 1.7 lakh crore, Mukesh Ambani-led Reliance industries has announced that it is now net debt-free.
Of the ₹1.68 lakh crore, the company received investments of ₹115,693.95 crore by global tech investors in its wholly-owned subsidiary Jio Platforms Limited and the company raised another ₹53,124.20 crore by rights issue amidst a global lockdown caused by the COVID-19 pandemic.
"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021". Jio, Reliance's wireless unit, a year ago became India's biggest telecom operator by subscribers and plans to use its roughly 400 million customers as the cornerstone of an e-commerce and digital business. "The partly paid shares have an element of call options attached since the investor can decide whether they want to participate in the further installments of the paid-up amount when Reliance calls it over the next year in May and November 2021", Mohit Mehra, business analyst at Zerodha told Financial Express Online.
As of 10.46 am, RIL's shares were trading at Rs 1,682.45 or 1.58% higher on the Sensex, and at Rs 1,684.00 (1.70%) on the Nifty 50. It added that another Rs 53,124 crore was raised through a "rights issue". "With these investments, RIL has become net debt-free", it said.
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Referring to the capital raise in the last two months, Reliance Industries Limited in its Bombay Stock Exchange (BSE) filing highlighted, "The combined capital raised has no precedence globally in such a short time".
Jio Platforms has raised Rs 115,693.95 crore from global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.
"Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio".
Jio Platforms will receive an investment of Rs. 11,367 crores from Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) for an equity stake of 2.32 percent, Reliance Industries announced on Thursday.