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Reliance Industries announces rights issue of Rs 53,000 crore

Reliance also announced that the company's Board had approved Mukesh Ambani's proposal to forego his entire salary until the impact of COVID-19 is over

twitter-logoBusinessToday.In | April 30, 2020 | Updated 20:24 IST
Reliance Industries announces rights issue of Rs 53,000 crore
RIL Chairman Mukesh Ambani

Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday approved a plan to raise Rs 53,125 crore via rights issue. It is said to be the biggest rights issue in India so far. The rights issue is priced at Rs 1,257, a discount of Rs 210 or 14 per cent from the previous close. One equity share can be subscribed for every 15 equity shares held by eligible shareholders as on the record date. Shares of RIL settled at Rs 1,464. up 37.05 points or 2.60 per cent, on NSE on Thursday.

"The board approved the issuance of equity shares of Rs 10 each of the company on rights basis to eligible equity shareholders as on the record date of an issue size of Rs 53,125 crore," RIL said. The promoters of the company will subscribe to their full entitlement of the rights issue and also to all the unsubscribed portions, the company further added.

RIL recorded a 0.1 per cent rise in consolidated profit (after exceptional item) at Rs 39,880 crore in the year ended March 2020. The oil-to-telecom conglomerate posted a profit of Rs 39,837 crore in complete FY19. RIL recorded a rise of 5.4 per cent in revenue at Rs 659,205 crore in FY20.

Reliance also announced that the company's Board had approved Mukesh Ambani's proposal to forego his entire salary until the impact of COVID-19 is over. "In light of the COVID-19 outbreak in India, which has exacted a huge toll on the societal, economic and industrial health of the nation, Mukesh Ambani, the Chairman and Managing Director, has voluntarily decided to forego his entire salary," the company said.

Also read: RIL results: Reliance Industries FY20 profit increases to Rs 39,880 crore

Also read: Bollywood actor Rishi Kapoor passes away at 67

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