After announcing earlier in the day that it has turned net debt-free much ahead of the schedule, Reliance Industries (RIL) on Friday became the first Indian company to be valued at $150 billion or above Rs 11 lakh crore in rupee terms.
The shares of the oil-to-telecom behemoth surged nearly 7 per cent to the day’s high of Rs 1,788.60, which is also a record high for the scrip.
The dream stock market rally amid muted general sentiments owing to the pandemic came as RIL said it has raised more than Rs 1,68,818 crore in 58 days, taking into account investments of Rs 1,15,693.95 crore in its digital services arm and Rs 53,124.20 crore through the issue of rights.
On Thursday, Saudi Arabia’s Public Investment Fund (PIF) became the latest to join the marquee investors who have come onboard RIL. It invested Rs 11,367 crore in exchange for a 2.32 per cent equity stake in Jio Platforms. “PIF’s investment marks the end of Jio Platforms’s current phase of induction of financial partners,” RIL said.
A day later, RIL Chairman Mukesh Ambani announced that the company had become net debt-free way ahead of the schedule—almost nine months before the target. The other investors include Silver Lake (which announced two rounds of investment), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.
