Reliance Industries RIL

With the fund raising now achieved, Reliance Industries has become a debt-free company

The stock of Mukesh Ambani-controlled RIL had hit a record high of Rs 1,978.50, up 3 per cent in early morning trade

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On Monday, the RIL also fixed July 3 the 'Record Date' for the purpose of determining the members eligible to receive dividend for 2019-20.

In March 2020, Ambani was ranked 21st on Forbes' annual billionaire list, with a net worth of $36.8 billion, while Page and Brin were 13th and 14th.

The cost of acquisition of one partly paid RIL share works out to around Rs 537 and includes the rights issue initial 25 per cent payment of Rs 314.25 and the RE acquisition cost of Rs 223

The stock moved higher by 3 per cent to Rs 1,579, bouncing back 6 per cent from the day's low of Rs 1,495 on the BSE.

Abu Dhabi state fund Mubadala Investment Co will buy a 1.85 per cent stake in its digital unit, Jio Platforms, for Rs 9,093.6 crore.

The company's rights issue was subscribed 1.59 times

The Bajaj group is the only one on the list of 12 conglomerates to be down - 1 per cent - since the lockdown came into effect, thanks to the hammering of stocks of non-banking financial companies.

Units worth nearly Rs 150 crore changed hands on the NSE and another Rs 554 crore on the BSE.

Morgan Stanley is likely to be appointed the lead banker to manage the overseas listing, while Bank of America Merrill Lynch and Citibank may also be roped in for the IPO, another source informed.

Over the last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic, and KKR have announced aggregate investments of Rs 78,562 crore into Jio Platforms.

The REs for renunciation of RIL are permitted on the exchange with effect from today and closes on May 29, 2020.

RIL on Sunday announced selling 1.34 per cent stake in its digital services subsidiary, Jio Platforms, to PE firm General Atlantic for Rs 6,598.38 crore to accelerate consumer business and cut debt.

In the past 31 trading days, the stock of RIL has outperformed the market by surging 78 per cent, as compared to a 21.5 per cent rise in the S&P BSE Sensex till Monday

The previous large rights issues by companies have typically had a strike rate of 25-28% from shareholders, which includes the top 10 rights issues including those of the Tata group

The stock was trading close to its record high of Rs 1,618, touched on December 20, 2019

Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.