After successfully raising cash from the Jio stake sale and rights issue, Reliance Industries Limited (RIL) is now putting money into domestic debt funds. Mukesh Ambani-led conglomerate is putting nearly $4.7 billion or Rs 35,000 crore into debt mutual funds, Bloomberg reported citing unidentified sources.
The cash is being parked into ultra-short and money-market funds, and others with an average of three-to-five year maturities, the report said.
Earlier this week, Google became the 13th investor to pick up a stake in RIL's telecom and digital business in a span of less than two months. The deal would take total investments in Jio to Rs 1,52,055.45 crore for a combined 32.97 per cent holding. Besides major investors Google and Facebook, other global investors now include chipmaker Qualcomm, Abu Dhabi's two largest sovereign investment arms - Abu Dhabi Investment Authority and Mubadala, private equity firms Silver Lake, Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton and Saudi Arabia's Public Investment Fund (PIF).
The mega Rs 53,125 crore rights issue of RIL was subscribed 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore. The RIL rights issue - the largest such offering by a non-financial company in the world in the past 10 years - received overwhelming response from investors, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the rights issue was subscribed 1.22 times. In June, Reliance said that it had become free of net debt.Also read: Shiv Nadar quits as HCL Tech chairman, hands over reins to daughter Roshni