Mumbai: Reliance Industries in yet another feat has become the first Indian company to command a market cap of $150 billion thanks to the relentless surge in its stock price ever since the RIL rights issue and back to back 11 investment deals from marquee names in Jio Platforms.
In early trade after a surge of almost 2.5%, the stock hit a record high of Rs. 1804.20 per share on the NSE. In Friday’s trade, after bagging the Saudi Arabia’s PIF investment, the company announced that it has become debt free ahead of schedule. And on the development, with the company’s share price still soaring then, m-cap of RIL hit over 11.5 trillion and on Monday it has become the first Indian company to scale to a m-cap of $150 billion.
Market capitalization or m-cap is the number of outstanding shares of the company into the current stock price. And this m-cap surge, pushed MD and CEO of the company Mukesh Ambani into the top 10 richest list globally with he being ranked 9th.
In a span of nine weeks, the company raked in a fortune of Rs 1.15 lakh crore into Jio Platforms. The rights issue garnered a sum of Rs 53,124.20 crore. In the previous year, the company sold 49% holding in its fuel retailing company to BP Plc for Rs. 7000 crore, thus netting overall Rs. 1.75 lakh crore.
Reliance Industries had a net debt of Rs 1,61,035 crore as on March 31, 2020. “With these investments, RIL has become net debt-free,” it said.
