Raising Funds for Jio Helped Reliance Industries Go Debt Free

Reliance Industries Limited (RIL) has managed to go debt free sooner than it planned with the help of investments and rights issue

Reliance Jio has been raising funds for quite some time now. It all started with an investment from Facebook. Courtesy of all the fundraising, Reliance Industries Limited (RIL) has gone debt-free. But it isn’t just the investments, but also the rights issue from the company which has helped it go debt-free. Reliance Industries Limited’s rights issue is considered as one of the biggest issues rights issue in the world by a non-financial issuer in the last 10 years. Reliance Jio has become one of the most valued companies in India after the investments.

Debt Free Promise Achieved, Says Mukesh Ambani

Mukesh Ambani said, “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021.” This is a good thing for all the stakeholders of the company and only boosts their confidence in the future of RIL.

Ambani further added, “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 has reported that from all the investments and rights issue, it has been able to raise Rs 1,68,818 crore. Out of which Rs 1,15,693.95 crore came from investments by all the global investors and Rs 53,124.20 crore came from the rights issue.

Just to revise, Jio started raising funds with an investment from Facebook worth $5.7 billion against which Facebook got a 9.99% minority stake in the company. Apart from Facebook, global investors — Silver Lake, General Atlantic, Vista Equity Partners, ADIA, Mubadala, TPG, PIF, and L Catterton have also invested in the company. With these investments, Jio Platforms has marked the end for its current phase of raising funds.

Tanay is someone with whom you can chill and talk about technology and life. A fitness enthusiast and cricketer, he loves to read and write.

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