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RIL gains on rights issue plan

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Capital Market 

Reliance Industries (RIL) rose 0.63% to Rs 1439.30 after the company said its board will consider rights issue of shares on 30 April 2020.

RIL has not disclosed the amount of money it plans to raise through the rights offer, or any other details about the issue.

The company's board will also consider Q4 results and recommendation of dividend on 30 April 2020.

Shares of RIL have gained 16.44% in last five trading sessions from its previous closing low of Rs 1236.05 on 21 April 2020.

RIL, Jio Platforms and Facebook Inc. on 22 April 2020 announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms. This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value. Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis.

The partnership between Facebook and Jio will focus on India's 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector, in addition to empowering people seeking various digital services.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, telecom and digital services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 28 2020. 13:50 IST