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MUMBAI :
Reliance Industries Ltd is a rights issue which opened for subscription on Wednesday, was subscribed 0.27% as of 5 pm on that first, according to data from stock exchanges.
The rights issue valued at ₹53,125 million rupees, which will be open for subscription today and will close on 3 June. All the shareholders as per record date of 14 May have the right to subscribe to the new issue.
To be sure, the subscription of the numbers of the first day did not reveal much about the interest of the investors as the institutional investors that form part of the subscribers, they tend to invest only towards the last days of deals.
Shares of RIL closed at ₹1434.65 up to 1.88% from its previous close, while the benchmark index, Sensex gained 2.06% to close at 30818.61 points.
RIL will issue 42,26,26,894 of actions as part of the rights issue. The company will offer shareholders one new share for 15 out at a discount in the price of ₹1,257.
The promoter and the promoter group of the company have confirmed that they subscribe to the full extent of their aggregate rights of ownership of rights. In addition, also be able to subscribe to all shares not subscribed in the issue.
The shareholders only have to pay 25% of the total subscription amount and the balance must be paid by the shareholders in two installments, in May 2021 and November 2021, respectively, according to the company presentation.
Mukesh Ambani, had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic alliances through its business, while the orientation to deleveraging the balance sheet.
Ahead of the rights issue, RIL has hit four sales transactions of minority interests in Jio Platforms for foreign investors and raised ₹67,195 million rupees. Last ₹6,598.38 crore investment from General Atlantic, a global leader in the growth of the firm capital, for the 1.34% of the shares, securities, Jio Platforms in an equity value of ₹4.91 billion and an enterprise value of ₹5.16 trillion dollars.
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