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India's biggest rights issue of ₹53,000 cr by Reliance gets ₹84,000 cr of bids

Mukesh Ambani-led Reliance Industries' ₹53,124 crore rights issue, India's biggest ever, was subscribed 1.59 times with the company receiving commitments of over ₹84,000 crore.

4th June 2020 | 12:39 PM (IST)
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Reliance Industries rights issue which closed on Wednesday saw a huge demand as it was subscribed 1.59 times. Reliance Industries' ₹53,124.20 crore rights issue was India's biggest rights issue cumulating to an overall commitment of over ₹84,000 crore, Reliance Industries said in a press release. The public portion of the rights issue was subscribed 1.22 times.

A rights issue gives an existing investor the rights to increase shareholding in the company. The allotment of equity shares will happen on or about June 10.

The rights shares are expected to be listed on the BSE and NSE on or around June 12 under separate ISIN, Reliance Industries said.

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The Rights Entitlement (RE) was actively traded, reflecting broad-based interest in the rights issue. This is the first instance of REs being traded in demat form on the stock exchanges since SEBI introduced this platform and it was a resounding success, Reliance Industries added.

"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 the history of India's capital market," said Mukesh Ambani, chairman and managing director of Reliance Industries Limited.

"The success of RIL's Rights Issue, seen in the context of the prolonged nationwide lockdown necessitated by the COVID-19 pandemic, is also a vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in the intrinsic strength of the Indian economy. I have no doubt that the Indian Economy will bounce back to follow a high-growth trajectory in the time to come, and make India a leading Digital Nation in the World," Mr Ambani added.

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4th June 2020 | 12:39 PM (IST)
137 views
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