Mukesh Ambani’s Reliance Industries to raise Rs 20,000 through non-convertible debt
- ByStartupStory | January 21, 2023
Reliance Industries Ltd. (RIL), which is managed by Mukesh Ambani, intends to raise Rs 20,000 through non-convertible debentures (NCDs), the firm said on Friday. It also stated that the NCDs would be issued through a private placement over the course of one or more tranches.
When the business released its financial results for the three months ending in December, the statement was made. The oil-to-telecom conglomerate reported net income of Rs 15,792 crore, a 15% decrease from Rs 18,549 crore in the same period the previous year.
In its regulatory filing, RIL said, “We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. January 20, 2023, has inter alia approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to Rs 20,000 crore, in one or more tranches / series, on a private placement basis.”
Notably, the Adani Group, managed by Gautam Adani, is financing an additional Rs 20,000 crore through a follow-up public offering (FPO). On January 27, the FPO will begin trading with a price range of Rs 3,112 to Rs 3,276 per share.
Also Read
Follow Startup Story
Related Posts
