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RIL to raise Rs 53,000 crore via 1:15 rights issue at Rs 1,257 a share

The board of directors kept the issue price at Rs 1,257 per equity share which is 14.31 percent discount to Thursday’s closing price of Rs 1,467 on the BSE.

April 30, 2020 / 07:52 PM IST
 
 
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Reliance Industries (RIL) has announced fundraising of Rs 53,125 crore by way of a 1:15 rights issue, the company said in a statement on the BSE announcing its quarterly and annual results.

One share will be offered for every 15 shares held at Rs 1,257, a 14 percent discount to the closing price for April 30.

The board of directors kept the issue price at Rs 1,257 per equity share which is 14.31 percent discount to Thursday’s closing price of Rs 1,467 on the BSE.

Rights Entitlement Ratio: 1 equity share for every 15 equity shares held by eligible shareholders as on the record date.

The stock closed nearly 3 percent higher at Rs 1,467 on the BSE.

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"We are fully committed on our investment plans in our consumer businesses and new initiatives. We are at the doorsteps of a huge opportunity and our rights issue and all other equity transactions will strengthen Reliance and position us to create substantial value for all our stakeholders," Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said in the release.

On April 22, Reliance Industries, Jio Platforms, and Facebook Inc signed binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms.

Also Read: RIL Q4: Exceptional loss drags profit to Rs 6,348 crore

Reliance Industries, the country's largest listed company by market capitalisation on April 30 reported a consolidated profit of Rs 6,348 crore during January-March quarter 2020, registering a decline of 45.5 percent QoQ and 38.7 percent YoY.

Note: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
first published: Apr 30, 2020 06:56 pm

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