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RIL share price rises 2% after rights issue opens for subscription

The rights issue price has been fixed at Rs 1,257 per share.

May 20, 2020 / 04:34 PM IST

Reliance Industries (RIL) share price added 2 percent intraday on May 20 as the company's rights issue opened for subscription for existing shareholders.

The company proposed to raise Rs 53,125 crore through its biggest ever rights issue which will close on June 3, 2020.

The ratio for the same is one rights issue share for every 15 equity shares held by existing shareholders as on record date (May 14).

The ex-date for rights issue was May 13, which implies that investors who bought Reliance shares before May 13 and hold those shares in their account before May 14 are eligible to apply for the rights issue.

Also Read: RIL's jumbo Rs 53,125 crore rights issue opens today: What should investors do?

The rights issue price has been fixed at Rs 1,257 per share, of which 25 percent of the amount i.e Rs 314.25 will be paid by the investors at the time of application.

Another 25 percent i.e. Rs 314.25 per share will be paid by the investor in May 2021 and the balance 50 percent i.e. Rs 628.50 per share will be paid in November 2021 on-call by the company at the relevant time.

The company has allotted 36,000 Unsecured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each, aggregating Rs 3,600 crore on private placement basis.

At 09:50 hrs, Reliance Industries was quoting at Rs 1,436.85, up Rs 28.70, or 2.04 percent on the BSE.

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

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first published: May 20, 2020 10:08 am