Mukesh Ambanis’ stake in RIL at 12-year high after rights issue

Mumbai: Billionaire Mukesh Ambani has increased his stake in Reliance IndustriesNSE 3.32 % to a 12-year high of 49.14% after the conclusion of the firm’s mega rights issue recently. Ambani and other members of the promoter family committed to invest 28,286 crore and subscribed to 225 million shares in the 53,124 crore issue.

Regulatory filings show that the promoter family picked up additional shares from the unsubscribed portion of the issue raising their stake to nearly 50% of RIL’s paid-up equity capital.

“In uncertain times like this, a promoter infusing such a massive amount in his business gives a huge confidence to investors about his commitment to the company’s future growth and will also boost investor sentiment,” said Raamdeo Agrawal, chairman, Motilal Oswal Financial ServicesNSE 0.24 %.