Reliance Industries Limited has fixed May 14′ 2020 as record date for right issue to its shareholders worth Rs. 53,125 Cr.
RIL had on April 30 announced the right issue of 1:15 at Rs. 1257 per share which is 14% discount to its closing stock price on April 30, 2020 i.e. Rs. 1467.05.
Mukesh Ambani with 50% shareholding have to pump in Rs. 26,600 Cr to subscribe his portion of right issue.Ambani and other controlling shareholders have pledged to buy to the full extent of their entitlement and also subscribe to all unsold shares in the rights issue, Reliance had said earlier.
To subscribe shareholders has to pay 25% with application and rest in one-two installments as described by RIL.
Citigroup, Morgan Stanley, Kotak Mahindra Capital, JM Financial, Axis Capital and ICICI Securities are appointed as investment bankers to the right issue.