India's largest 'Rights Issue' of ₹53,000 crore by Mukesh Ambani-led Reliance Industries Limited (RIL) will open on May 20 and close on June 3, 2020.
"RIL's Issue Committee of the Board of Directors, in its meeting held on May 15, 2020 has approved the rights issue schedule," said the company in filing to the exchanges.
The company will file the "Letter of Offer", with the stock exchanges — BSE Limited, National Stock Exchange of India Limited and the market regulator Securities and Exchange Board of India (SEBI).
"Abridged Letter of Offer, Application Form of Rights Issue, and Rights Entitlement Letter, will be sent to the eligible equity shareholders of the Company," said the statement.
RIL board, on April 30, approved issuance of company’s equity shares of ₹10 each of an issue size of ₹53,125 crore by way of rights issue at price of ₹1,257 per share and the share ratio at 1:15.
The company has obtained in-principle approvals from BSE Limited and the National Stock Exchange of India Limited for the proposed rights issue of 42.26 crore equity shares.
RIL shares on BSE were trading up 1.63% at ₹1,458.9 in a flat Mumbai market on Saturday noon, valuing the company at ₹9.24 lakh crore.