Reliance Industries bags India's biggest-ever rights issue of Rs 53,124 crore
By MYBRANDBOOK
According to the company, Reliance Industries has bagged India's biggest-ever rights issue of Rs 53,124 crore after it closed with an oversubscription of nearly 1.6 times. The world's biggest rights offering by a non-financial company in at least a decade was oversubscribed 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore.
The Rights Issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the rights issue was subscribed 1.22 times. In the rights issue, the company is offering one share for every 15 shares held at Rs 1,257. RIL shares closed at Rs 1,542.45 apiece on the BSE.
The company said that the Rights Issue Committee of the Board of Directors of the company will meet on or about June 10 to approve the basis of allotment of equity shares. The rights shares are expected to be listed on the BSE and NSE on or around June 12, 2020 under separate International Securities Identification Number (ISIN).
Mukesh Ambani, chairman and managing director of Reliance Industries, said the issue is a new and proud landmark in the history of India's capital market. He said, "Since the time of Dhirubhai Ambani, the Founder of Reliance Industries Limited, our shareholders have always been our biggest source of strength. Our decades old relationship based on trust has consistently spurred us to achieve more. We are delighted and humbled by their extraordinary show of confidence in the future of Reliance."
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