Reliance Industries closes US$7bil rights issue

Raising funds: A woman walks past a mobile store of Reliance Industries’ Jio telecoms unit in Mumbai. In the past six weeks, Reliance’s digital business – known as Jio Platforms – has raised a staggering US$10bil from global investors. — Reuters

MUMBAI: India’s oil-to-telecoms giant Reliance Industries closed a US$7bil rights issue, India’s largest ever, luring buyers in with a rare deferred payment offer.

Proceeds from the issue, also ranked as one of the world’s biggest by a non-financial company based on Dealogic data, will aid Reliance’s plan to slash net debt to zero this year.