Mukesh Ambani, the Chairman of Reliance Industries (RIL), is expected to make some major announcements on Wednesday in his address at the company's 43rd Annual General Meeting (AGM). Several key announcements, including plans for Jio Platforms listing, Jio Fiber trajectory, the launch of 5G and details of JioMeet, are expected at the AGM. Millions of RIL shareholders are expected to tune in to the event which will be held virtually amid the ongoing crisis coronavirus pandemic.
The meeting is scheduled at 2 PM on July 15 via video conferencing or other audio-visual means in accordance with the relevant circulars issued by the Ministry of Corporate Affairs (MCA) and the Securities & Exchange Board of India (SEBI), RIL said in an exchange filing.
The company had fixed July 8 as the "Cut-off Date" for determining the members eligible to vote on the resolutions set out in the notice of the AGM or to attend the AGM. It had also fixed July 3 as the "Record Date" for determining the members eligible to receive dividend for FY20. "The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM," RIL had said in the filing.
Ahead of this year's AGM, the oil-to-telecom conglomerate has achieved net-debt free status on the back of stake sale in Jio Platforms, RIL's digital arm, and mega rights issue. RIL has become zero net-debt company eight months before the deadline (March 2021) set by Chairman Mukesh Ambani in the last AGM. At the 42nd AGM of the company, Ambani had announced plans to make RIL debt-free by March 31, 2021.
RIL has raised over Rs 1.7 lakh crore in the last three months by selling stake in Jio Platforms and rights issues. The country's most valued firm has raised Rs 53,124.20 crore through the mega rights issues and over Rs 1.18 lakh crore from global tech investors by selling stake in Jio Platforms. The digital arm of the Reliance Industries has so far received thirteen investments in last three months from marquee global companies and investors that include Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
Meanwhile, RIL has become the first Indian company to touch a market capitalisation of $150 billion buoyed by strong rally in its share price following a series of investments in its digital arm. According to Bloomberg and Morgan Stanley Research report, RIL with a market capitalisation of $169 billion (as on July 13) has overtaken the likes of Unilever, Bank of China, Nike, Abbott Labs, Sanofi and Softbank Group C, to become the 51st most-valued firm in the world.
Ahead of AGM, shares of Reliance Industries closed at Rs 1,916.65, down 0.91 per cent, on the Bombay Stock Exchange as investors resorted to profit booking after the recent rally.
By Chitranjan Kumar