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  Business   Companies  04 Jun 2020  Reliance Industries Rs 53,124 crore rights issue subscribed 1.59 times

Reliance Industries Rs 53,124 crore rights issue subscribed 1.59 times

ANI
Published : Jun 4, 2020, 9:53 am IST
Updated : Jun 4, 2020, 9:53 am IST

The Rights Issue Committee of the Board of Directors of the company will meet on June 10 to approve the basis of allotment of equity shares

 Reliance Industries announces closure of rights issue of Rs 53,124.20 crore, subscribed 1.59 times. (ANI Photo)
  Reliance Industries announces closure of rights issue of Rs 53,124.20 crore, subscribed 1.59 times. (ANI Photo)

Mumbai: Reliance Industries Limited (RIL) on Wednesday announced that it has achieved successful closure of Rights Issue of Rs 53,124.20 crore.

It was subscribed approximately 1.59 times adding up to an overall commitment of Rs 84,000 crore. The public portion of the rights issue was subscribed 1.22 times.

"The Rights Issue Committee of the Board of Directors of the company will meet on June 10 to approve the basis of allotment of equity shares. The rights shares are expected to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on June 12," RIL said in a release.

Commenting on the closure of Rights Issue, Mukesh Ambani, CMD of RIL said, "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 leading digital nation in the world," he added.

The release said this is the first instance of Rights Entitlement (RE) being traded in demat form on the stock exchanges since SEBI introduced this platform and it was a resounding success.

It said a unique feature of RIL's Rights Issue was that "despite its record-setting magnitude, it was completed entirely on a digital platform, defying the formidable constraints imposed by the COVID-induced lockdown".

"And this too was a new record in the history of Indian and global capital markets. None of the stakeholders across 800 Indian cities and many financial centres abroad -- regulators, bankers, financial institutions, retail investors and others -- had to step out of their offices or homes, and yet everything related to the rights Issue was conducted smoothly and with utmost efficiency. This shows not only the power of the emerging digital age, but also the potential of India to be a pioneer and an innovator in this age," the release said.

Tags: reliance industries limited (ril), rights issue, rights issue committee, mukesh ambani, ril's rights issue
Location: India, Delhi, New Delhi