The market-capitalization of Reliance Industries Ltd (RIL) crossed the Rs 11 lakh crore mark on Friday retaining its position as the most valued firm in the country on the basis of market cap.

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The stock of RIL surged 8 percent to hit a fresh record high of Rs 1,788.60 apiece with a market cap of more than Rs 11.30 lakh crore. The stock has gained over 106 percent from its 52-week low of Rs 867.82 hit on March 23, 2020.

On Friday, shares of RIL ended 6.23 percent higher at Rs 1,759.50 and the market cap stood above Rs 11.15 lakh crore.

The rally in the stock was fueled by optimism over the company becoming net debt-free after having raised Rs 1.68 lakh crore in under two months.

The oil-to-technology major has raised Rs 1.15 lakh crore through stake sales to multiple investors in its technology subsidiary Jio Platforms and around Rs 53,000 crore through a rights issue.

Reliance Industries Chairman Mukesh Ambani said that his company had become net debt-free after having raised Rs 1.68 lakh crore in less than two months. He said RIL has fulfilled its promise to shareholders of making the company net debt-free ahead of the original schedule of March 31, 2021.

"Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free," Ambani said in the company statement to the stock exchanges.

On Thursday, RIL announced that Saudi Arabia's sovereign wealth fund PIF will invest Rs 11,367 crore in Jio Platforms for a 2.32 percent stake, making it the eleventh public investor in the company in less than two months.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from leading investors including Facebook, Silver Lake Partners (two tranches), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF. This is also the largest continuous fundraising by a company, globally.

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First Published:Jun 19, 2020 3:11 PM IST