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RIL hits record high as it becomes net debt-free ahead of its target

PIF’s investment will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis.

June 19, 2020 / 01:05 PM IST

Reliance Industries (RIL) share price touched 52-week high of Rs 1,680 rising over 1 percent in the opening trade on June 19 as the company said the record investments it received for Jio Platforms and a mega rights issue helped it become net debt-free well ahead of its March 2021 target.

The company also said it is looking to list Jio & Reliance Retail within 5 years.

"We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years," said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

The company has raised over Rs 168,818 crore in just 58 days through investments by global tech investors of Rs 115,693.95 crore and rights issue of Rs 53,124.20 crore.