Reliance Rights issue subscribed 1.59 times

Reliance Rights issue subscribed 1.59 times

Agency News

Mumbai, Jun 4 : Reliance Industries Limited (RIL) said that its Rights Issue of Rs 53,124.20 crore was subscribed approximately 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore.

The Rights Issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the Rights issue was subscribed 1.22 times. The allotment of equity shares will happen on or about June 10, 2020. The rights shares are expected to be listed on the BSE and NSE on or around June 12, 2020 under separate ISIN.

The Rights Entitlement (RE) was actively traded reflecting broad-based interest in the Rights Issue. This is the first instance of RE’s being traded in demat form on the stock exchanges since SEBI introduced this platform and it was a resounding success.

Commenting on the success of the Rights Issue, Shri Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said, “I express my sincere thanks to our dear and esteemed shareholders for participating in this Rights Issue and making it a new and proud landmark in the history of India’s capital market. Since the time of Dhirubhai Ambani, the Founder of Reliance Industries Limited, our shareholders have always been our biggest source of strength. Our decades-old relationship based on trust has consistently spurred us to achieve more.

We are delighted and humbled by their extraordinary show of confidence in the future of Reliance. 'Our vision is always rooted in furthering India’s inclusive and accelerated growth, propelled by the adoption of digital technologies, that helps improve the lives of 1.3 billion Indians. The tremendous vote of confidence in the Rights Issue convinces us that our shareholders endorse this vision and mission.

Their support further strengthens our resolve as we firmly set forth to build a New Reliance for a New India.” “The success of RIL’s Rights Issue, seen in the context of the prolonged nationwide lockdown necessitated by the COVID-19 pandemic, is also a vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in the intrinsic strength of the Indian economy. I have no doubt that the Indian economy will bounce back to follow a high-growth trajectory in the time to come, and make India a leading Digital Nation in the World,” Mr Ambani added. (UNI)