NEW DELHI: Reliance Industries (RIL) on Friday said it is now a netdebt-free company, after having raised Rs1.75 trillion against its net debt of Rs1.61 trillion. The company raised Rs1.15 trillion rupees through a 24.71% stake sale of equity of its subsidiary Jio Platforms to 10 investors.
The parent company also raised Rs53,124.20 crore through a rights issue of its shares.
“Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs1.75 lakh crore. Our net-debt was Rs161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free," RIL said in a release.
The RIL rights issue, which was subscribed 1.59 times, 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 all likelihood, Jio Platforms has now concluded its fund-raising exercise that in 58 days saw 10 investors commit to investing Rs1.15 trillion in the RIL subsidiary for a combined 24.71% stake.
The list of Jio investors includes Facebook; six private equity companies namely General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, two sovereign funds of Abu Dhabi -- Abu Dhabi Investment Authority and Mubadala Investment Company -- and Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF).
RIl had set March 2021 as the deadline to become debt-free.
Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated
