Shares of Reliance Industries continued its bull run on Friday afternoon to cross the Rs 1,700-mark for the first time.
It has touched a fresh all time high of Rs 1,706.55. Its market capitalisation also increased to over Rs 10.81 lakh crore
Shares of the oil-to-telecom major surged after the company on Friday morning announced that it has become a net debt-free company on the back of the recent investments by global investors into Jio Platforms and the ‘Rights Issue’.
RIL has raised over Rs 1,68,818 crore in just 58 days. Its net-debt stood at Rs 1,61,035 crore, as on March 31, 2020.
Consequently, it has now emerged as a net debt-free company.
In a statement on Friday, RIL Chairman Mukesh Ambani said: “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021.”
“Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio,” he said.
At 12.55 p.m., it was trading at Rs 1704.55, higher by Rs 48.30 or 2.92 per cent from its previous close.