Reliance releases debt to shareholders ahead of time: Mukesh Ambani

Reliance Industries becomes debt free: Rs 1,68,818 crore investment in just 58 days
- Geo Platforms received Rs 1,15,693.95 crore from global investors
- Reliance has fulfilled its promise to shareholders ahead of schedule: Mukesh Ambani
- Reliance raised Rs 53,124.20 crore through right issue

Mumbai, June 19, 2020, Friday

Reliance Industries Limited has become debt free on a net basis. The company has received an investment of Rs 1,2,617 crore in just three days. Out of which, Rs 1,12,8.5 crore has been secured through investments of global technology investors and Rs 2,12.50 crore through right issue of shares.

Nowhere in the world is there an example of raising joint capital in such a short period of time. The event is also unprecedented in the history of Indian corporate and the company has set new milestones. This achievement is even more significant because it was achieved during the global lockdown following the Kovid-12 epidemic. If the share sold to BP in the petro-retail joint venture is taken into account, the total capital raised would be Rs 1.5 lakh crore.

As on March 31, 2020, the company's total debt stood at Rs 1,31,08 crore. With this investment, Reliance Industries is now completely debt free. Geo Platforms has received a total investment of Rs 1,13,8.5 crore from leading capital investors in the world since April 6, 2020. PIF's investment was last in the current phase of acquiring financial partners from Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Caterton and PIF.

Reliance Industries' rights issue was flooded 1.5 times and it was not only the largest rights issue in India, but also the largest rights issue in the world brought by any non-financial institution in the last 10 years. At the 9th AGM of Reliance Industries Ltd on August 15, 2017, Mukesh Abani, chairman of the company, assured the shareholders of his roadmap to release the company from debt before March 31, 2021 and said, We have a clear roadmap for building a company.

Strategic and financial investors showed keen interest in investing in our consumer businesses, Geo and Reliance Retail. In the coming quarters, the company will add the world's leading partners in these businesses and will move towards listing the two companies in the next five years. I already have no doubt that the company will become one of the most powerful balance sheet companies in the world. "

Expressing happiness over this achievement, Mukesh Ambani today said, "I am both happy and humbled to announce today that we have kept our promise to investors to make Reliance completely debt free before the deadline of March 31, 2021." Receiving even better results than the company investors and other stakeholders expect is often in Reliance's DNA.

I want to assure them that Reliance will set and achieve more ambitious growth targets in its golden decade, which will embody Reliance founder Dhirubhai Ambani's vision of continuing to increase our contribution to India's prosperity and wider development.

Mukesh Ambani further said, "In the last few weeks, there has been unprecedented interest from global financial investors for participation in Geo, which has made us tick. We sincerely thank the Giant Financial Partners Group and welcome them to the Geo Platforms as we reach the milestone of raising capital from financial partners.

I would also like to thank the retail and domestic and foreign institutional investors for their unprecedented participation in the record-breaking rights issue. ”Reliance Industries had a net debt of Rs 1,31,04 crore as on March 31, 2020. The company last year held 4% BP plaque in its fuel retailing venture. He earned Rs 2,000 crore by selling it to the UK. With this, the company has raised more than Rs 1.5 lakh crore so far.