RIL's Rs 53,125-cr rights issue fully subscribed two days ahead of closing

Reliance Industries’ (RILs’) Rs 53,125-crore rights issue has garnered full subscription, the data provided by stock exchanges on Monday showed. The 422.6-million share offering had attracted bids for 460.5 million shares. 

The rights issue closes on June 3. Shares of RIL closed at Rs 1,520 on Monday. The rights issue price is fixed at Rs 1,257, a discount of 17.3 per cent to the last closing price. RIL shareholders, as on May 14, or those who have acquired rights entitlement, are eligible to apply for shares in the rights issue.

Existing shareholders holding 15 shares can apply for one share. Initially, applicants have to pay Rs 314.25 per share. Investors will be issued partly-paid up share with face value Rs 2.5 each, which will be traded separately.

Another Rs 314.25 per share will have to be paid in May next year, and the balance Rs 628.5 in November 2021. 

Besides the traditional ASBA route, investors can also apply for the rights issue on an online platform, using net banking or through UPI.