RIL puts chunk of funds from unit’s stake sale into debt MFs

Mumbai: Reliance Industries, the country’s largest company by market value, has put a chunk of the money it received from stake sales in its subsidiary and the rights issue, into debt mutual funds, said four people in the know. Mutual fund industry officials estimate about ₹25,000 crore to ₹40,000 crore of the proceeds might have flown into the debt schemes of India’s top asset managers in recent weeks.

A Reliance spokesperson declined to comment.

Reliance has raised over ₹1.52 lakh crore through a series of private share issues in its unit Jio Platforms to global tech giants like Google and Facebook and private equity firms. In June, the company’s Rs53,125-crore rights issue sailed through. The money raised will be used to cut its debt.