RIL gains on fund-raising plan

Reliance Industries (RIL) advanced 2.25% to Rs 1,055.55 on plans to consider raising funds via non-convertible debentures (NCDs) on a private placement basis.

RIL's board will meet on 2 April 2020 to consider raising funds by issuing listed, secured/unsecured, redeemable non-convertible debentures (NCDs) on private placement basis in one or more tranches/series. The announcement was made after market hours yesterday, 30 March 2020.

Some recent media reports suggested that the social media giant, Facebook, was close to an initial agreement to pick up a 10% stake in Reliance Jio, but discussions could not advance due to the global disruption following the coronavirus outbreak. A deal was to have been announced by March end, reports added. Media houses suggested that a deal with Facebook will help Mukesh Ambani achieve his ambition of cutting parent company RIL's debt to zero by March 2021.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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