On May 14, shareholders will have the right to purchase more shares based on existing shares
The company is worth Rs. 1257 per share will raise more than Rs 53,124 crore from this issue
Reliance said in a statement on the platform of the National Stock Exchange (NSE) that in a meeting held on April 30, the company's board had constituted a rights issue committee to decide on the record date and other related matters. In a meeting on Sunday, the committee decided that May 14, 2020 would be a record date. In this right issue, shareholders will have the right to purchase one share for every 15 shares they hold. The company also said that it has received permission from BSE and NSE to issue rights. The company said the start and end date of the rights issue would be given separately.
Approval to issue more than 42.26 crore shares
The company said in a statement that it has received in-principle approval from BSE and NSE to issue the proposed rights issue of 42 crore 26 lakh 26 thousand 894 shares. This means that the company is offering 42,26,26,894 shares in this issue. The company has set a price target of Rs 1,257 per share for the rights issue. This means that the company will receive a total of Rs. 5,31,24,20,05,758 (over Rs. 53,124 crore).
The opening and closing dates of the issue will be announced later
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The start and end dates of this rights issue will be given separately, the company said. The company also said that it has received the International Securities Identification Number INE002A20018 for the submission of rights entitlements. Reliance Industries is bringing a rights issue after almost three decades. The company aims to be completely debt free within the next one year.
