Reliance Industries AGM: Market disappointed due to non-announcement of IPO, Reliance shares closed down

Reliance Industries AGM: Shareholders of Reliance Industries have been disappointed by the results of Reliance’s AGM, who were waiting for the Reliance Group’s value unlocking. Even after the huge fall in the stock market, the stock of Reliance Industries was seeing a rise because investors from the market were in the hope that a big announcement could be made in the AGM regarding the IPO of Reliance Jio and Reliance Retail.

Reliance shares closed down
Even after a huge fall in the stock market, the stock of Reliance Industries was trading in the green mark after recovering from the morning shock. Shares of Reliance Industries fell after the stock reached the highest level of Rs 2,655 but there was no announcement regarding the IPO of Reliance Jio and Reliance Retail. The stock closed at Rs 2.597, down 0.78 per cent. In fact, in the 2019 AGM meeting, the company’s chairman Mukesh Ambani had talked about listing of Reliance Jio and Reliance Retail on the stock exchanges in the next five years.

There was no talk about Reliance Jio and Reliance Retail’s IPO in Reliance’s AGM. But it was definitely told that by Diwali, 5G service will be launched in the metro cities of the country. So by the end of 2023, 5G service will be extended to every corner of the country. At the same time, the chairman has also presented the blueprint of the succession plan of Reliance Group. In which telecom business can be handed over to Akash Ambani, retail business Isha Ambani and energy business to Anant Ambani, for which they are being prepared from now.

The discussion about Reliance Jio’s IPO arises because Mukesh Ambani has sold 33% stake in Jio to 13 investors. Let us tell you that he sold this stake in 2020 during the Corona period. 10% per cent of Reliance Jio was sold to Facebook and 8% to Google. Apart from this, top equity funds like Intel Capital, Qualcomm Ventures and Silver Lake, Vista Equity Partners, General Atlantic and KKR have also bought stake in Reliance Jio. These investors are also expecting value unlocking. Due to which they can get huge returns on their investment.

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