The Rs 53,125 crore rights issue of Indian giant Reliance Industries Ltd (RIL) will open for subscription on 20 May. Shareholders can subscribe to this mega rights issue by June 3. RIL, who has done business from oil to telecom sector, gave this information on Saturday. Mukesh Ambani's company had announced on April 30 to raise Rs 53,125 crore through a 1:15 rights issue. This is India's largest and the first rights issue brought by the company in the last three decades. Earlier, the company had set a record date of May 14 to determine shareholders' eligibility to apply for this issue.
Regarding the matter, the company has informed the stock markets that the Board of Directors' Right Issue Committee has set May 20 as the date for opening the issue. At the same time, the issue will close on June 3.
For your information, let us tell you that Reliance Industries is bringing the rights issue for the first time in the last three decades. Generally companies facing cash crisis bring rights issue to raise funds. In such rights offers, companies offer shareholders to buy new shares at a lower price than the current trading price.