RIL becomes first Indian Company to be valued at USD 150 Billion
In rupee term, Mumbai based Indian Multinational conglomerate company, Reliance Industries Limited (RIL) on 19th June 2020 was valued at USD 150 billion following a rise in the share market, this also made RIL the first-ever Indian company to achieve a market value of above Rs 11 lakh crore. The positive growth in the shares of the company was registered after it announced that the company has become net debt-free well ahead of its target of March 2021.
As of 31st March 2020, Reliance has a total debt of Rs 161,035 crore. Despite a pandemic, airlines & other international travel being suspended and a lockdown in most International business hubs across the world, in a period of 58 days, Reliance Industries was able to raise more than Rs 168,818 crore.
Breakdown of which as follows:
- The existing shareholders of the company were offered shares worth Rs 53,124.20 crore.
- The remaining Rs 115,693.95 crore was raised through 11 deals of stake sale in RIL’s subsidiary Jiop Platforms.
Stake’s of approx 24.70% in Jio Platforms are now owned by the following companies: United States company Facebook bought 9.99% stake at Rs 43,574 crore, this deal to date is the largest Foreign Direct Investment (FDI) in any sector in India. Other companies are Abu Dhabi based investment companies- Mubadala and Abu Dhabi Investment Authority, United States companies- General Atlantic, Silver Lake, Vista Equity Partners, KKR & CO. Inc., TPG Capital, and Catterton Partners. The most recent of the stake sale of 2.32% was on the 18th of June 2020 to the Public Investment Fund of Saudi Arabia at Rs 11,367 crore.
Month: Current Affairs - June, 2020
Category: Economy & Banking Current Affairs