Looks like someone is going extra miles even in this lockdown situations and it’s no one other than Asia’s richest man Mukesh Ambani. In less than 3 weeks Reliance industries has signed 3 big deals and managed to raise it’s whopping yo 60,597cr.
In the latest deal reliance has managed to sold a little over 2% of his point stake in Jio platform to Vista Equity platform.
Mukesh Ambani led Reliance which was sitting on a dead pile of about 1.75 lakh crore last year and had about to become zero debt company by 31 March next year. And now with earlier 1/3 stake reliance is white on track to meet that target.
Remember on 30 April reliance has announced the right issue of 53000cr Rs making it the biggest right issue offering that India has ever seen. The right issue was significantly catalyzed the debt reduction plans. the market has raised a toast to reliance debt reduction scrims.
In a note, Mr. J.P.Morgan has written that they except news of similar size deal to continue. Morgan Stanley too has eager to sentiment as it says it continues to see balance sheet deleveraging at reliance as one key pillar of its overweight rating on the company.
The Reliance RIL stock rallies close to 4% in trade today. It means that the market is giving thumbs up to the plans of Mukesh Ambani in debt and moving towards the target of reducing and making it net debt-free by March 2021. Mukesh Ambani chairman of Reliance industries has a very good track record in the market and they will be able to achieve his target ahead of time. In fact, the CFO of Reliance Industries did indicate that this target could be achieved by December 2020.