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RIL rights issue: Promoter group's stake in company rises to 50.29%

The public shareholding has slightly fallen from 49.93 per cent to 49.71 per cent after the rights issue

twitter-logoBusinessToday.In | June 13, 2020 | Updated 20:39 IST
RIL rights issue: Mukesh Ambani’s stake in company highest in 12 years
Mukesh Ambani, Chairman and Managing Director of Reliance Industries

The stake of RIL's promoter  has seen an increase after the closing of rights issue. The promoter group got 22.50 crore shares in the rights issue, taking the shareholding in the firm to 50.29 per cent, marginally higher than 50.07 per cent earlier, according to the June 11 exchange filing.

Mukesh Ambani has got 5.52 lakh shares of RIL in the just-concluded Rs 53,124 crore rights issue. Ambani now holds 80.52 lakh shares or 0.12 per cent of Reliance Industries, up from 75 lakh shares held before the rights issue. His wife Nita and children Isha, Akash, and Anant too got 5.52 lakh shares each after they subscribed to the rights offering. They too hold 0.12 per cent each in the firm.

On the other hand, the public shareholding has slightly fallen from 49.93 per cent to 49.71 per cent after the rights issue, according to the data.

The company achieved successful closure of India's largest-ever rights issue worth Rs 53,124.20 crore, which was subscribed 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore. RIL intends to use three-fourth of proceeds from the rights issue for repaying some of its borrowings, as per the offer document filed with exchanges.

"Pursuant to the Board approval, the company had, vide letter of offer dated May 15, 2020, issued 42,26,26,894 equity shares of the face value of Rs 10/- each ('Rights Equity Shares') to the eligible equity shareholders at an issue price of Rs 1,257 per rights equity share (including a premium of Rs 1,247 per rights equity share)," the company recently said in a statement.

Meanwhile, shares of RIL ended the intraday trade on Friday at Rs 1,588.80, or up 51.30 points, or 3.34 per cent.

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