Reliance Industries Ltd. rights issue subscribed 1.59 times, raises over Rs 84,000 crore

Reliance Industried Ltd.

Reliance Industries Ltd., epic rights issue of Rs 53,124.20 crore has received a fantastic response from the investors as it was endorsed 1.59 times on June 3, the final day of subscription. RIL said it has achieved victorious closure of India’s largest-ever rights issue, adding to an overall commitment of over Rs 84,000 crore.

“The rights issue witnessed a huge investor interest, including lakhs of small investors and thousands of institutional investors, both from India and foreign institutions. The public segment of the rights issue was endorsed 1.22 times,” Reliance informed in a release.

Further reports also revealed, Reliance’s Rights Entitlement (RE) was pro-actively marketed on the stock exchanges and was the first instance of RE’s being traded in dematerialised form on the stock exchanges since SEBI launched this platform.

On the commencement of the right issues successfully, Chairman and Managing Director Mukesh Ambani said: “I express my sincere thanks to our dear and esteemed shareholders for participating in this Rights issue and making it a new and proud landmark in the history of India’s capital market.”

A proper distribution of equity shares will happen around somewhere in the month of June 10, 2020. The rights shares, which are going to list on June 12, will be known as partly paid-up rights shares as the payment of these shares will be in instalments.

After the final payment in November 2021, these shares shall be merged with existing fully paid-up equity shares of Reliance Industries, reports added further.

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