MUMBAI: Reliance Industries (RIL), India’s most valued company, plans to raise Rs 53,125 crore through a rights offer at Rs 1,257 a share, a 14% discount to the stock’s Thursday close on the BSE at Rs 1,467. This is RIL’s first fund-raise from the public in three decades and the largest rights offering by an Indian company. Last year, Vodafone Idea and Airtel had come out with rights offerings of about Rs 25,000-crore each.
Existing RIL shareholders can buy one share for every 15 shares held, the company said in a release. The issue will lead to an equity dilution of about 7%.
RIL chairman Mukesh Ambani and his family, the company’s promoters, holds 50% in the company that is currently valued at Rs 9.3 lakh crore. The promoters will take part in the rights issue by subscribing to shares worth about Rs 26,560 crore to maintain their holding in the exploration-to-e-tailer enterprise, the company said.
“An ideal way to
