Reliance Industries Ltd (RIL) on Thursday declared the much-awaited details of its rights issue, which is not only India’s largest but the company’s first in nearly three decades. The company is planning to raise Rs 53,125 crore by issuing one equity share for every 15 shares held by eligible shareholders as on the record date, which will be announced later.
This would mean an equity dilution of 6.7 per cent at the proposed issue price of Rs 1,257 per share (including a premium of Rs 1,247 per share). The rights offer price is at a 14.3 per cent discount to RIL’s closing price of Rs 1,467.05, on Thursday.
