RIL net debt to dip with rights issue, Jio stake sale

Asset monetisation in Jio Platforms along with the $7 billion rights issue should reduce RIL’s net debt by more than half, as per a report by Morgan Stanley. It said multiple catalysts are in play with faster than expected deleveraging, improving demand and margin outlook on refining and chemicals, top quartile earnings CAGR of 23 per cent over F20-23, and digitisation, supporting multiples. To date, RIL has sold 25.1 per cent of Jio Platforms, which equates to raising $15.7 billion at current exchange rates.