On the sidelines of its third quarter earnings announcement, declared that it plans to raise Rs 20,000 crore by issuing non-convertible debentures (NCDs) through a private placement basis.
“We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. January 20, 2023, has inter alia approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to Rs 20,000 crore, in one or more tranches / series, on a private placement basis,”
said in an exchange filing.
The fundraising will fuel the oil-to-telecom conglomerate’s ambitious expansion plans across businesses.
RIL plans to invest Rs 75,000 crore in its oil-to-chemicals business over the next three years to expand capacities in both existing and new value chains, chairman Mukesh Ambani had told shareholders at the company’s AGM last year.
Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.
RIL reported a 15% year-on-year (YoY) fall in consolidated net profit for the quarter ended December 2022 to Rs 15,792 crore. Revenue increased 15.3% on year to Rs 2.20 lakh crore.
“We are making rapid progress towards implementation of new energy Giga factories at Jamnagar as part of our commitment to revolutionizing the green energy sector. Our strong balance sheet and robust cash flows remain the cornerstone of our commitment in growing existing businesses as well as investing in new opportunities,” RIL Chairman and MD Mukesh Ambani said.During the quarter, the digital services segment achieved 20.4% YoY growth while the retail segment grew by 17.2% YoY. Higher realization in O2C business with increase in energy prices along with nearly 2x growth in oil & gas business also contributed to growth in revenue.
Reliance Jio’s ARPU came in at Rs 178.2, a growth of 17.5% YoY.
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