Former minister, statesman B A Mohideen no more

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

Bengaluru, Jun 15: After a three-month delay, seven-time MLA and former state minister DK Shivakumar, who has been appointed as the Karnataka Pradesh Congress Committee (KPCC) president, will take charge on July 2 at a simple function at the new party office here.

Mr Shivakumar was appointed as KPCC president on March 11.

Party sources said on Monday that Shivakumar plans to take charge of the party through a “pratijna dina” (pledge day) ceremony that would be telecast live to 7,800 locations across the state and over 10 lakh party workers are expected to attend it virtually.

Bengaluru, Jul 12: Karnataka on Sunday registered 71 COVID-19 deaths, its highest single day count, and 2,627 fresh cases, pushing the tally of infections in the state to 38,843, the health department said.

The total positive cases include 22,746 active cases and 15,409 discharges, the department said in its daily bulletin.

The total active cases include 532 people admitted in the ICUs across the state.

Of the 71 fatalities, a record 45 were reported in Bengaluru alone including the death of 16 day-old baby girl and 17-year-old girl with chronic kidney disease, taking the total mortalities in the city to 274.

Among the districts, where new cases were reported, Bengaluru urban accounted for 1,525 cases, followed by Dakshina Kannada with 196, Dharwad 129, Yadagiri 120, and 19 in Bengaluru Rural.

Since the outbreak of the pandemic, 8.39 lakh samples have been tested including 20,050 on Sunday alone, of which 7.80 lakh tested negative.

Other than Bengaluru, five fatalities were reported in Dakshina Kannada, three each in Mysuru, Hassan, Davangere and Belagavi, two each in Haveri and Bagalkote and one each in Dharwad, Koppal, Tumakuru, Vijayapura and Chamarajanagar.

While majority of those who died of coronavirus suffered from Severe Acute Respiratory Illness and Influenza Like Illness, significantly 21 victims did not have any pre-medical conditions while eight were the asymptomatic patients with pre-medical conditions.