According to Reliance Industries Limited (RIL), it has become net debt free with the help of investment in Jio Platforms and the recent rights issue.
The company has become net debt-free much before the original schedule promised to shareholders of March 31, 2021.
Commenting on the development, Mukesh Ambani, chairman, RIL, said, “Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio. As our fund-raising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms. I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting rights issue.”
RIL said that it raised Rs 1.68 trillion in just 58 days which includes Rs 1.15 trillion investment by global investors in Jio platforms and Rs 531.24 billion from the rights issue.
Jio Platforms has raised Rs 1.15 trillion from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.