Mukesh Ambani's Reliance Group Becomes Net Debt-Free
Published On: Friday, June 19, 2020 | By: Team KnowMyStock
Billionaire Mukesh Ambani said Reliance Industries is now "in its golden decade" as his group became net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. Reliance has turned net debt-free by raising Rs 168,818 crore in two months through the country’s largest-ever rights issue of Rs 53,124.20 crore and series of stake sale deals in its arm Jio Platforms of Rs 115,693.95 crore. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," RIL will set even more ambitious growth goals and achieve them, Mukesh Ambani said in a statement released early on Friday. As per Reliance Industries, the company's net debt was Rs 161,035 crore as on March 31, 2020.
Shares of Reliance Industries (RIL) hit a new all-time high of Rs 1,684, up 2 per cent on the BSE on Friday. The past two day’s gain has seen the market capitalisation (market-cap) of the company hit Rs 10.66 trillion on the bourses for the first time ever.
Source: Business Standard,Economic Times,Money Control
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