Reliance Industrial Investments Holdings Ltd (RIIHL), the investment arm of India’s most valuable company, plans to raise ₹13,900 crore through a rights issue of non-cumulative optionally convertible preference shares.
The funds will be used for acquisitions and to meet the group’s other funding requirements, two people aware of the development said, requesting anonymity.
RIIHL serves as a vehicle to invest in various business ventures of Reliance Industries Ltd.
“The funding would be raised in one or more tranches through non-cumulative optionally convertible preference shares. The rate of dividend would be 6%,” said the first official aware of the development. The tenure of the shares is 20 years, he added.
