OdishaPlus Bureau
Largest Rights Issue by a Non-Financial Institution in the Last Ten Years
The Rights Issue of Rs. 53,124.20 crore by Reliance Industries Limited (RIL) was subscribed approximately 1.59 times, cumulating to an overall commitment of over Rs.84,000 crore. The issue saw investor interest from small investors and 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 about 10th June 2020. The rights shares are expected to be listed on the BSE and NSE on or around 12th June 2020 under separate ISIN.
The company used various outreach methods including television, radio, print, digital and social media, AI-based chatbot, emails and SMS to reach out to the shareholders. 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. The rights issue was further completed entirely on a digital platform, due to constraints imposed by the COVID-induced lockdown.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said, “our shareholders have always been our biggest source of strength I express my sincere thanks to our esteemed shareholders for participating in this Rights Issue and making it a new and proud landmark in the history of India’s capital market. We are humbled by their faith in the Reliance brand.”
