The Rs 53,125 crore rights issue of Mukesh Ambani’s Reliance Industries Limited (RIL) is scheduled to open on May 14 might rewrite the recent history of “rights”. Shares of the company gained 3.4 per cent at Rs 1,615 on the BSE on Monday after the date was fixed for determining shareholders eligible to apply for its rights issue. The stock was trading close to its record high of Rs 1,618, and recovered 84 per cent from its 52-week low of Rs 876 on March 23.
The previous large rights issues by companies have typically had a strike rate of 25-28 per cent from shareholders, which includes the top 10 rights issues and all the large rights issues of the Tata group.
