RIL fixes 14 May as record date for rights issue

Stock Market

Mumbai: Mukesh Ambani-led Reliance Industries Ltd (RIL) has mounted May 14 as the record date for India’s greatest rights issue of 53,125 crore.

This is RIL’s first such issue in practically three a long time.

RIL, which had on April 30 introduced its fundraising plan of 53,125 crore by means of a 1:15 rights issue, will supply shares at 1,257, a 14% low cost to the inventory’s closing value on April 30 of 1,467.05.

“We inform you that the Rights Issue Committee constituted by the Board of Directors of the company has, at its meeting 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 mentioned in a regulatory submitting.

Shareholders prepared to subscribe to the issue must pay 25% on utility and the remaining in a number of tranches.

At 50% shareholding, Mukesh Ambani, must pump in a minimum of 26,600 crore to subscribe to his portion of the rights issue. Ambani and different controlling shareholders have pledged to purchase to the complete extent of their entitlement and likewise subscribe to all unsold shares within the rights issue, Reliance had mentioned earlier.

The rights issue opening and shutting dates can be knowledgeable individually, RIL added.

RIL has reportedly appointed 9 funding banks to handle its rights issue. These embody Citigroup, Morgan Stanley, Kotak Mahindra Capital, JM Financial, Axis Capital and ICICI Securities.

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