Categories: Business

Reliance Industries created history, became the first Indian company to have a $ 150 billion market cap

Photo: GOOGLE

Reliance Industries becomes first Indian firm to hit USD 150 bn market cap

new Delhi. Reliance Industries on Monday became the first Indian company to have a market cap of $ 150 billion. The market cap is also increasing due to the steady increase in the shares of Reliance Industries. The market cap of Reliance Industries on BSE rose by Rs 28,248.97 crore to Rs 11,43,667 crore ($ 150 billion) in morning trade on Monday. On the BSE, Reliance shares jumped 2.53 per cent to a record level of Rs 1804.10 in early trade.

The company's stock rose 2.54 percent to Rs 1804.20 on the NSE. Reliance Industries earlier on Friday became the first company to achieve a market cap of Rs 11 lakh crore. The company's stock jumped 6 percent on Friday after Chairman Mukesh Ambani's announcement of RIL becoming a debt-free company helped the market cap to exceed Rs 11 lakh crore for the first time.

Ambani said that in two months the company has raised Rs 1.69 lakh crore with the help of stake sale and rights issue in the Jio platform. Reliance Industries has raised Rs 1.5 lakh crore by selling about 25 percent stake in the Jio platform to global investors. The company has raised Rs 53,124.20 crore through Right Issues. It was the largest right issue ever.

Reliance Industries had a total debt of Rs 1,61,035 crore as on 31 March 2020. The company said that RIL has become a debt-free company with the raising of new capital. The company had set a target of becoming debt free by 31 March 2021, but the company has already achieved this target before its deadline.

This post was published on June 22, 2020 3:29 pm

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