Deals
Reliance Says It’s Net-Debt Free After $15 Billion Jio Deals
- Conglomerate also raised $7 billion from rights issue
- Tycoon vowed to make Reliance net-debt free by March 2021
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Reliance Industries Ltd., the conglomerate controlled by Asia’s richest man, said it has become free of net debt months ahead of a March 2021 target after raising more than $23 billion from stake sales and a rights issue. Its shares closed at an all-time high.
India’s most valuable company said in a statement Friday that it secured 1.16 trillion rupees ($15.2 billion) by bringing investors including Facebook Inc. and a slew of funds into the digital business at the heart of chairman Mukesh Ambani’s ambition to transform his energy-led empire. Reliance also completed a 531.2-billion rupee share sale to existing shareholders and sold a stake in its energy business to BP Plc.