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Reliance Industries Market Value Tops Rs 11 Lakh Crore As Company Becomes Net Debt-Free
19 Jun 2020, 04:36 PM IST 
Reliance Industries sold a total 24.70 per cent stake in Jio Platforms in 11 deals.
- Reliance Industries said it has raised more than Rs 1,68,818 crore in 58 days, through stake sales in its digital arm (Rs 1.16 lakh crore) and a rights issue (over Rs 53,100 crore).
- The group said it has become net debt-free with these investments. Its net-debt had stood at Rs 1,61,035 crore as of March 31, 2020.
- With today's spike in stock price, investors' wealth in Reliance Industries rose by Rs 84,000 crore in one day.
- Heavyweight Reliance Industries also boosted the equity markets, with the stock alone contributing more than 300 points to the gain in the benchmark S&P BSE Sensex index.
- Reliance Industries is now "in its golden decade", said chairman and managing director Mukesh Ambani, as his group achieved the goal of becoming net debt-free many months ahead of the targeted March 2021.
- "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Mr Ambani said.
- The billionaire had announced the target at the company's 42nd annual general meeting in August last year, saying the group has "a very clear road map" to make it happen within the next 18 months.
- Earlier this month, Reliance Industries' rights issue was subscribed 1.59 times, which the company said 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".
- Reliance Industries sold a total 24.70 per cent stake in Jio Platforms in 11 deals for Rs 1,15,693.95 crore within nine weeks starting April 22.
- Reliance Industries shares surged 6.2 per cent to close at Rs 1,759.50. The stock sharply outperformed the Sensex which ended 1.5 per cent higher.
