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RIL fixes May 14 as record date for first rights issue in three decades

On April 30, Mukesh Ambani-led RIL announced its first rights issue in three decades at a share ratio of 1:15

twitter-logoBusinessToday.In | May 12, 2020 | Updated 11:13 IST
RIL fixes May 14 as record date for first rights issue in three decades
The opening and closing dates of the rights issue will be informed separately

Reliance Industries Limited (RIL) has fixed May 14 as the record date for determining equity shareholders eligible to apply for the forthcoming rights issue. The opening and closing dates of the rights issue will be informed separately, RIL also said in an exchange filing."The Rights Issue Committee constituted by the Board of Directors of the Company has, at its meeting held today, fixed Thursday, May 14, 2020, as the 'Record Date' for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue," RIL said. The company has obtained in-principle approvals from the BSE and the NSE for the proposed rights issue of 42,26,26,894 equity shares, RIL said in an exchange filing.

On April 30, Mukesh Ambani-led RIL announced its first rights issue in three decades at a share ratio of 1:15. The issue amount is Rs 53,125 crore. The rights issue has been 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.

"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 to the rights issue and also to all unsubscribed portions, the company added. The experts said that the rights issue may be aimed at helping the company raise funds to reduce its net debt.

Meanwhile, RIL recorded a 0.1 per cent rise in consolidated profit (after exceptional items) 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.

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