43rd AGM of Reliance Industries and Announcements will be Done Online

AGM of Reliance Industries will be held through a virtual platform and RIL shareholders will participate from all over the world.
Image Credit: Elets Technomedia
Image Credit: Elets Technomedia

Today the AGM is going to be an annual general meeting. This will be the 43rd AGM of the company. More than one lakh of Reliance shareholders will participate in this meeting through different virtual platforms. The company has made vigorous preparations for this AGM and for the first time, AGM of Reliance Industries will be on the virtual platform. This time due to the Corona crisis, it has been decided to do this AGM online and has managed a special virtual platform.

AGM of Reliance Industries will be held in the Afternoon

The Reliance meeting will start at two in the afternoon and will be addressed by Mukesh Ambani, Chairman and Managing Director of the company. This will be the first AGM after the company's rights issue or IPO, so it can also be announced the amount of rights issue and some important things related to it.

Reliance Shareholders from all Over the World will Participate

Reliance's AGM has always been in the country's financial capital Mumbai, but this time it was difficult for shareholders to attend this meeting due to the Corona crisis. Hence Reliance Industries chose the path of virtual platforms for its 2.6 million shareholders. Through this, shareholders of Reliance spread all over the world can take part in this AGM.

Many Big Announcements Possible

Image Credit: Youtube
Image Credit: Youtube

It is believed that at this meeting, Chairman and MD Mukesh Ambani will announce further plans for Reliance Industries in which they can share information related to the deal with Aramco. Apart from this, they can give information about the steps taken in the direction of the company to become debt-free. Can also talk a little about what the company plans to do in the retail segment and the deals that have been done in the digital business in recent times can be given in detail.

The Company also Released a WhatsApp Chat Box

Reliance has also released a WhatsApp chatbot for any information related to the AGM and to help shareholders, investors, media and common people. For this, you just have to save +91 79771 11111 to your phone and send it by typing 'Hi'. After this, all your problems will be solved through the bot. The WhatsApp chatbox associated with the AGM was created by Jio Haptik. This chat box will work 24*7

The Company has Become Debt Free

For the first time, over one lakh of investors from 500 locations around the country and the world will be able to directly participate in the annual general meeting of the Reliance AGM. The chatbot started during the Rs 53,124 crore mega rights issue of Reliance, which will be run by Jio Haptic. Reliance's last AGM was announced on 12 August 2019 by Mukesh Ambani, chairman of the company, in an action plan to make the company debt-free by 31 March 2021. But the group, which does much of its business from oil to telecoms, became purely debt-free only last month.

The Company has Made Firm Arrangements

Image Credit: Levenfeld Pearlstein, LLC
Image Credit: Levenfeld Pearlstein, LLC

The company has made arrangements to raise Rs 1.18 lakh crore by selling a 25.24 per cent stake in its digital unit Jio Platforms. At the same time, by issuing a rights issue to the existing shareholders of Reliance, it has also arranged to raise Rs 53,124 crore. Apart from this, by selling a 49 per cent stake in the retail sale of fuel, Rs 7,000 crore has been raised. In total, the company has made firm arrangements to raise capital of Rs 1.75 lakh crore. The company had a net debt of Rs 1,61,035 crore as of 31 March 2020. Since the new investment, the company has become purely debt-free.

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