Mukesh Ambani says Reliance is net debt-free 9 months before the deadline – share price jumps almost 7%

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Mukesh Ambani says Reliance is net debt-free 9 months before the deadline – share price jumps almost 7%
BCCL
  • Reliance has raised a total of ₹168,818 crore in 58 days, while as of March 2020 the company’s net debt was ₹161,035 crore.
  • Jio has raised investments from the likes of Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, Saudi PIF since April 22, 2020.
  • Through a rights issue, the company raised ₹53,124 crore.
Mukesh Ambani’s Reliance Jio has led a slew of massive investments in the past nine weeks and that has pushed Reliance to now be net debt free. During the last AGM of the company, Ambani had set the target to be a “zero net debt company by March 31, 2021” and now nine months before the scheduled date, the company has achieved.

Reliance’s share price jumped by 6.5% on Friday to ₹1,763.

Reliance has raised a total of ₹168,818 crore in 58 days, while as of March 2020 the company’s net debt was ₹161,035 crore.

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Investments by global tech investors₹115,693.95 crore
Rights Issue₹53,124.20 crore

“Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its golden decade will set even more ambitious growth goals, and achieve them.” said Mukesh Ambani.

Reliance Jio has raised investments from the likes of Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, Saudi PIF since April 22, 2020.

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Mukesh Ambani says Reliance is net debt-free 9 months before the deadline – share price jumps almost 7%
BI India


SEE ALSO:
Reliance gets $1.5 billion from Saudi for Jio even as the $15 billion Aramco deal waits in the wings
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