new Delhi. For Reliance Industries Limited (RIL), the current financial year can be called the year of transactions. Several deals have been announced and many major deals are under consideration. In such a report, the additional cash from these deals can be used for business expansion and acquisition. Significantly, in the midst of the corona virus epidemic, there may be many such opportunities due to economic slowdown.
Brokerage Kotak Institutional Equities said in a report that RIL has announced several deals over the past few months to reduce total net debt and arrears. The deals include selling a 9.99 percent stake in the firm's digital entity Jio Platform to Facebook for Rs 43,573.62 crore. Apart from this, 12.37 percent stake of Jio platform has been sold to eight global investors for Rs 60,800 crore.
In addition, Rs 53,124 crore is being raised through right issue of 42.26 crore shares (of which 25 per cent has already been procured, while the remaining will be released in two installments in May and November 2021).
Brookfield is being sold to BP for the sale of its tower business and 49 per cent stake in the fuel joint venture for Rs 70,000 crore. The report states that this amount can be used to accelerate business and takeover, apart from repaying debts or liabilities amidst current adversities. The report states that the surplus amount can be used to push acquisition plans, accelerate new business and bid for 5G spectrum.
This post was published on June 16, 2020 9:06 am
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