Reliance Industries’ Rs 53,125 crore rights issue to open for subscription on May 20

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Reliance Industries Ltd’s rights issue of Rs 53,125 crore will open for subscription of shareholders on May 20, while the closing date would be 3rd June.

On April 30, the oil-telecom-to-retail major announced fundraising of Rs 53,125 crore by way of a 1:15 rights issue – the first such issue by RIL in nearly 30 years. The rights issue will be priced at Rs 1,257 per share

The letter of offer will be filed with BSE, National Stock Exchange and SEBI and an abridged Letter of Offer, Application Form of Rights Issue, and Rights Entitlement Letter will be sent to the eligible equity shareholders of the company, the company informed in a filing to exchanges.

Financial experts are also quite upbeat on Reliance’s rights issue.

This move is part of the RIL’s plans to become a zero net-debt company by the end of March 2021.

It is to be noted here that Reliance Industries reported a consolidated profit of Rs 6,348 crore during the Jan-March quarter of 2020.

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