RIL rights issue receives overwhelming response, raises over Rs 84,000 crore

Reliance Industries Limited’s (RIL) mega rights issue has received an overwhelming response from investors and helped the company raise over Rs 84,000 crore.

At the closure of the rights issue on June 3, RIL said that it was subscribed over 1.59 times and that it saw huge investor interest, including lakhs of small investors and thousands of institutional investors.

In a press release, Reliance noted that the public portion of the rights issue was subscribed 1.22 times.

The company added that the allotment of equity shares will happen on June 10 or somewhere close to the date. The rights shares are expected to be listed on the stock exchanges — BSE and NSE — on or around June 12, 2020, with separate International Securities Identification Number (ISIN).

Commenting on the success of the rights issue, RIL Chairman Mukesh Ambani 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 the history of India’s capital market.”

“The tremendous vote of confidence in the rights issue convinces us that our shareholders endorse this vision and mission.”

The successful completion of the rights issue is a big achievement for the company, which is aggressively raising capital to clear off its existing debts by next year.

Apart from the rights issue, Reliance has also been signing deals with many global investors to sell stake in its digital business, Jio Platforms.

Experts believe that Reliance is well on track to realise its goal of becoming a net debt company by March 2021.

Read | Now General Atlantic invests in Jio, Here is how Mukesh Ambani is charting RIL’s zero-debt journey

Also Read | Mukesh Ambani’s Reliance Industries to consider first rights issue in 30 years