To meet ongoing capital expenditures and general corporate needs, Reliance Industries Limited has planned to raise ₹25,000 crores through the issuance of debentures on private placement basis. This will be the major agenda of 40th Annual General Meeting (AGM) of the company, which is scheduled on July 21, 2017.
The company will offer or invite subscriptions for secured/unsecured redeemable non-convertible debentures, in one or more series/tranches, of an aggregate nominal value up to ₹25,000 crores on the private placement.
Besides, the company has also sought shareholders approval for providing a dividend at the rate of ₹11 per equity share of ₹10 each fully paid-up for the financial year ended March 31, 2017.
The shareholders will decide on the proposal to reappoint Nita Mukesh Ambani as the Director. The members would also consider a proposal to impose a ceiling of 5 percent on the purchase of equity by non-promoters in Jio Payments Bank Ltd until RIL remains its promoter.
Reserve Bank of India(RBI) has issued a license to the company’s subsidiary, “Jio Payments Bank Limited” to carry on payments bank business in India. RIL is promoting the subsidiary with 70% equity and State Bank of India with 30%.