Reliance Industries closes India's largest rights Issue, oversubscribed 1.59 times

Reliance Industries Ltd on Wednesday completed nation's biggest-ever rights issue of Rs 53,124 crore after being oversubscribed nearly 1.6 times, company said.  public portion of rights issue was oversubscribed 1.22 times.

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RIL anunces India's largest rights Issue

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I express my sincere thanks to our dear and esteemed shareholders for participating in this Rights Issue and making it a new and proud landmark in history of India’s capital market. Our deces-old relationship based on trust has consistently spurred us to achieve more. We are delighted and humbled by ir extraordinary show of confidence in future of Reliance."

allotment of equity shares will happen on or about 10th June 2020. rights shares are expected to be listed on BSE and NSE on or around 12th June 2020 under separate ISIN.  Rights Entitlement (RE) was actively tred reflecting bro-based interest in rights Issue. This is first instance of RE’s being tred in demat form on stock exchanges since SEBI introduced this platform and it was a resounding success.

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In rights issue, company is offering one share for every 15 shares held at Rs 1,257. ‎RIL shares closed at Rs 1,542.45 apiece on BSE on Wednesday.

last time RIL tapped public for funds was in 1991 when it h issued convertible debentures. debentures were subsequently converted into equity shares at Rs 55 apiece.

elder Ambani h in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses, while targeting to delever balance sheet.

At end of March quarter, RIL h an outstanding debt of Rs 3,36,294 crore. It also h cash in hand of Rs 1,75,259 crore, bringing net debt position to Rs 1,61,035 crore.

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Highlighting that rights Issue was a reflection of confidence shown by investors, Mukesh Ambani said, " success of RIL’s rights Issue, seen in context of prolonged nationwide lockdown necessitated by COVID-19 pandemic, is also a vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in intrinsic strength of Indian ecomy. I have doubt that Indian ecomy will bounce back to follow a high-growth trajectory in time to come, and make India a leing Digital Nation in World.”

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(With ANI inputs)