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Reliance Industries (RIL) shares today expanded their recent earnings and pushed the company’s market capitalization higher ₹10 lakh crore. RIL’s shares today rose as much as 3% to ₹1,614 at the high of the day, getting closer and closer to its record of ₹1,617, reached in December.
The increase comes after the company set May 14 as the record date for the ₹53,125 crore rights problem. “This is in line with the company’s goal of reducing its net debt to zero by March 31, 2021. The proceeds from the rights issue will reduce RIL’s net debt by approximately $ 7.8 billion and is positive for the Credit, “said Moody’s Investors Service in a recent note.
RIL has also reached three deals in recent weeks for some ₹Rs 60 billion in investments on its Jio platforms.
Additionally, Bloomberg, citing sources, reported that the Saudi Arabian sovereign wealth fund and General Atlantic are among companies that are also exploring investments in Reliance Industries’ digital business.
Since its lows of March 23, ₹875.70, RIL’s shares are now up about 85%.
Last week, RIL had said that private equity firm Vista Equity Partners is buying a 2.3% stake in Jio Platforms, the unit that houses Reliance’s telecoms company Jio Infocomm. Vista Equity Partners investment gives Jio Platforms a capital value of ₹4.91 trillion and a business value of ₹5.16 billion.
The deal follows Facebook picking up a 9.99% stake in Jio Platforms on April 22 to ₹Rs 43,574 million. Within days of that deal, Silver Lake purchased a 1.15% stake in Jio Platforms for ₹5,665.75 crore.
Last month, Reliance reported a 39% decrease in earnings for the March quarter, affected by a sharp drop in oil prices and lower demand for fuel. (With contributions from the agency)
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