Reliance Industries is apparently net-debt free, but actually it is not so
About three-fourths of the proceeds from the rights issue will be received only in the next financial year. So it may be more appropriate to say that RIL’s reported net debt is on its way to being zero
Reliance Industries Ltd (RIL) has announced that it has become net-debt free. In March 2020, the company had reported a net debt of ₹1.61 trillion ($21 billion). Since then, it has raised $15.2 billion by selling stakes in Jio Platforms Ltd. Its $7 billion rights issue was oversubscribed 1.6 times.
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