Reliance Industries much-awaited Rs 53,125-crore rights issue will commence on May 20 and close on June 3. Ex-rights means the shares will be available for purchase without the benefit of rights issue (shares at discount price) from today. Reliance Industries stock went ex rights on May 14 and it closed 4.07% or Rs 65 lower at Rs 1,435.
Share price of Reliance Industries fell up to 4.43% to Rs 1,430 on May 14. Here's a look at five things to know before RIL's right issue opens on May 20.
This is RIL's first rights issue in three decades. Before this, RIL had carried rights issue in 1991 when it issued convertible debentures. A company releases a rights issue to its existing shareholders to buy additional new shares of a company, thereby giving them right but not obligation to buy the company's shares.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today