RIL's Rs 53,125 crore rights issue to open on May 20

Source : ANI
Author : ANI
Last Updated: Sat, May 16th, 2020, 14:41:40hrs
RIL's Rs 53,125 crore rights issue to open on May 20

Mumbai: Reliance Industries Ltd's (RIL's) Rs 53,125 crore rights issue will open for subscription on May 20 and close on June 3.

This is the first rights issue by RIL in nearly three decades. The rights issue is priced at Rs 1,257 per share with a share ratio of 1:15.
The date of this was approved by the issue committee of the board in its meeting held on Friday, RIL said in a regulatory filing.

In a presentation titled 'New Reliance for a New India,' RIL positioned itself as a technology and consumer company building on its three mega engines: Jio Digital Life, Reliance Retail and Reliance Oil-to-Chemicals (O2C).

"It is now at the beginning of a new and unprecedented wave of wealth creation for India by harnessing the power of new technologies to fire its diverse growth engines," it said. "RIL will take education, health and agri-knowledge to the doorsteps of rural India riding on Jio platform.

"It added: "RIL is already a software company developing an ecosystem of new digital technology platforms including Internet of Things, cloud computing, new commerce, a home and-office connectivity platform among others.

"The new messaging follows RIL's new positioning now as a technology and consumer company with Jio at the forefront of attracting marquee investors like Facebook.

RIL said there is hyper-growth of consumer businesses along with a strong O2C platform, robust and high-quality balance sheet to be sustained by strong cash flow generation and its track record of significant value creation for shareholders and ongoing re-rating of the stock.