RIL to begin its rights issue on May 20
By MYBRANDBOOK
The right issue of Reliance Industries Limited (RIL) will open for subscription on May 20. The opening date of the issue is May 20 and the closing date is June 3, RIL said in stock exchange filing.
This was approved by the Rights Issue Committee of the board of directors at a meeting held recently. The letter of offer will be filed with BSE, NSE and the Securities and Exchange Board of India (SEBI).
The letter of offer, application form of rights issue and rights entitlement letter will be sent to the eligible equity shareholders of the company.
This is the first rights issue by RIL. The price of per share will be Rs 1,257 with share ratio at 1:15. The issue amount is Rs 53,125 crore.
The payment terms will be 25 per cent on application and balance in or more calls.
On application, the shareholders will pay Rs 2.50 on face value and Rs 311.75 on premium, totalling to Rs 314.25 per rights equity share.
The remaining Rs 942.75 will be payable in one or more subsequent calls as determined by the board of directors from time to time.
"New Reliance for a New India" is the pitch for Reliance Industries Limited (RIL) in a corporate presentation sent to stock exchanges in the run up to its mega rights issue.
The "New Reliance" story has a combination of ideas including the pitch that RIL is the best proxy for India's consumption-driven and tech-propelled growth story.
It has highlighted the fact that there is hyper-growth of consumer businesses along with a strong O2C platform, robust and high quality balance sheet to be sustained by strong cash flow generation and its track record of significant value creation for shareholders and ongoing re-rating of the stock.
RIL has attracted significant recent investments from leading global strategic and financial investors and tech led growth to drive next phase of value New India.
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