India's Reliance conglomerate raises $7bn in rights issue

Sprawling company of Asia’s richest man, Mukesh Ambani, claims world’s biggest non-bank fundraising in a decade

India’s telecom-to-oil conglomerate Reliance Industries has completed a massive $7bn rights issue in what it touted as the world’s biggest by a non-financial institution in a decade.

Reliance, owned by Asia’s richest man, Mukesh Ambani, had said the fundraising drive was meant to pay down debt and help shift the company to a digital future.

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from World news | The Guardian