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Reliance Rights Issue Oversubscribes 1.59 Times

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Reliance Industries Limited today announced that it has achieved successful closure of India's largest ever Rights Issue of Rs. 53,124.20 crore. It was subscribed approximately 1.59 times, cumulating to an overall commitment of over Rs.84,000 crore. The Rights Issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the Rights issue was subscribed 1.22 times.

Reliance Rights Issue Oversubscribes 1.59 Times
 

The allotment of equity shares will happen on or about 10th June 2020. The rights shares are expected to be listed on the BSE and NSE on or around 12th June 2020 under separate ISIN.

The Company had launched a highly innovative campaign to create awareness about the Rights Issue, using broad-based and multiple means of communication. These included television, radio, print, digital and social media, first-of-its-kind AI-based chatbot, emails and SMS to reach out to the shareholders.

The Rights Entitlement (RE) was actively traded reflecting broad-based interest in the Rights Issue. This is the first instance of RE's being traded in demat form on the stock exchanges since SEBI introduced this platform and it was a resounding success.

A unique feature of RIL's Rights Issue was that, despite its record-setting magnitude, it was completed entirely on a digital platform, defying the formidable constraints imposed by the COVID-induced lockdown. And this too was a new record in the history of Indian and global capital markets. None of the stakeholders across 800 Indian cities and many financial centres abroad - regulators, bankers, financial institutions, retail investors and others - had to step out of their offices or homes, and yet everything related to the Rights Issue was conducted smoothly and with utmost efficiency.

Read more about: reliance
Story first published: Thursday, June 4, 2020, 7:54 [IST]
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