Energy and telecom giant pulled in a slew of investors, including Abu Dhabi’s Mubadala
Mumbai: Reliance Industries has become net debt-free ahead of its March 2021 target.
The energy-to-telecom conglomerate raised more than 1.75 trillion rupees ($23 billion) through new investments into its digital assets unit, rights issue of shares and a stake sale to BP Plc, Reliance Industries said in an exchange filing Friday. Its net debt was 1.6 trillion rupees on March 31.
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In recent weeks, a host of blue-chip funds and corporate entities have signed up for Reliance ands telecom and e-retailing portal, Jio. This includes Abu Dhabi’s Mubadala as well as Facebook.
Instant reaction
Indian shares rose on Friday and were on course to finish the week higher, boosted by a jump in Reliance shares after the conglomerate said it had become net-debt free.
The NSE Nifty 50 index rose 0.58 per cent to 10,146.75 in early trading, while the benchmark S&P BSE Sensex was up 0.51 per cent at 34,387.71.
Shares of Reliance Industries Ltd rose 0.85 per cent in early trade to a record high .
