Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) on Thursday announced fundraising of Rs 53,125 crore by way of a 1:15 rights issue, the first such issue in nearly three decades, as it steps up efforts to pare debt.
One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30.
In its earnings statement for fourth quarter, RIL said this would be India’s biggest rights issue.
The move comes within days of RIL agreeing to sell a 9.99 per cent stake in its digital platform to Facebook Inc for $5.7 billion or Rs 43,574 crore.
