Reliance Industries Limited (RIL) has raised over Rs. 168,818 crore in 58 days making the company net debt free before original schedule of 31st March 2021 as announced by Chairman Mukesh Ambani.
The net debt as on 31st March 2020 was Rs. 161,035 crore and RIL has raised Rs. 168,818 crore. Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs. 175,000 crore.
The company raised investments by global tech investors of Rs. 115,693.95 crore and in rights issue raised an amount of Rs. 53,124.20 crore.
The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic.
Jio Platforms has raised Rs. 115,693.95 crore 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. PIF’s investment marks the end of Jio Platforms’ current phase of induction of financial partners.
Total Investment in Reliance Industries Limited:
Investor – Amount (in Rs. Cr)
Facebook – 43,573.62
Silver Lake Partners – 10,202.55
Vista Equity Partners – 11,367.00
General Atlantic – 6,598.38
KKR – 11,367.00
Mubadala – 9,093.60
Abu Dhabi Investment Authority – 5,683.50
TPG – 4,546.80
L Catterton – 1,894.50
PIF – 11,367.00
Total – 115,693.95
RIL Rights Issue – 53,124.20
Grand Total – 168,818.15
The RIL Rights Issue was subscribed 1.59 times and 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.
Expressing his gratification at this achievement, Mukesh Ambani, CMD, RIL said, “Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021. Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance.”
“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,” added Ambani.