RIL climbs around 3%, hits new high as Co to sell 1.6% stake in Jio to ADIA

Edelweiss Securities recently said that the company is expected to repay its entire reported net debt even if the Saudi Aramco deal is delayed.

Continuing their breath-taking rally, shares of Reliance Industries (RIL) hit a fresh record high of Rs 1,624 apiece on the BSE on Monday, a day after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore, as it accelerates its debt reduction plan.

This is the eighth investment in Jio Platforms in seven weeks and values the company at Rs 4.91 trillion on equity value basis. So far, RIL has raised Rs 97,885.65 crore through 21.06 per cent stake sale to seven marquee investors,