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Reliance Industries to consider first rights issue in three decades.

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4 years ago

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Reliance Industries Ltd., India’s largest company by market value, plans to sell shares to existing investors for the first time in about 30 years as the energy-to-technology conglomerate steps up efforts to pare debt.

The board of the Mumbai-based company will consider a proposal for the rights issue on April 30, when it announces its earnings for the quarter ended March 31, it said in a statement late Monday. The shares fell 1.8% as of 11:49 a.m. in Mumbai trading.

The proposal would be the third fund-raising announced by Reliance Industries in recent weeks, underscoring Chairman Mukesh Ambani’s confidence despite a pandemic that’s slammed the oil industry. Reliance unveiled a $5.7 billion investment by Facebook Inc. in its digital platform last week and in early April said it would raise as much as 250 billion rupees ($3.3 billion) through non-convertible debentures.

“This is another step towards becoming a net debt free company,” said Sudeep Anand, head of institutional research, at IDBI Capital Market Services Ltd. After the Facebook deal, the company still needs to raise about 1.1 trillion rupees to get to zero net debt, he said by phone.

Mukesh Ambani’s Reliance Aims to Raise $3 Billion as Debt Mounts.

Ambani said in August that the group had a net debt of about $20 billion as of March 2019 and told shareholders that he would cut that to zero by early 2021. A key part of that strategy has hit a hurdle. A proposal to sell an estimated $15 billion stake in Reliance Industries’ refining and chemicals unit to Saudi Arabian Oil Co. is still pending as crude oil prices crashed.

Reliance shares have dropped about 7.2% this year, compared with a 23% slide in the benchmark S&P BSE Sensex index.

 

 

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Apple is giving a huge discount on its gadgets: Details inside

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2 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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