Fri. Nov 27th, 2020

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RIL ready to work out first rights offer

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On 30th April, Reliance Industries will finalize first rights offer in 29 years.India’s most valued company is planning a rights issue — its first fund-raise from the public. The company is yet to reveal the amount and other details.

Through a stock exchange notice on Monday, RIL said its board will meet on April 30 to “consider a proposal to issue equity shares to existing shareholders on rights basis”. Early this month, RIL had said that the board had approved a proposal to raise Rs 25,000 crore through non-convertible debentures (NCDs).

RIL chairman Mukesh Ambani will lead a board meeting on Thursday to consider the proposal of issuing new shares to existing shareholders, currently numbering over 23 lakh, according to data from the BSE. Ambani and his family owns 50% in RIL, which currently has a market capitalisation of nearly Rs 9.1 lakh crore.

 

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