The board on Saturday, July 18, approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore.
The issue has been fixed at Rs 570 per share, including premium of Rs 560 per rights equity share, it said
Reliance Industries announced today an investment of $252 million by Intel Capital for a 0.39 per cent stake in Jio Platforms
Issue size Rs 995 crore, closes July 22, ex-date July 1; shareholders can get nine shares for every 77 held
These shares are worth a fourth of the fully-paid up shares of RIL that are traded on the bourses
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.
Ambani's firm had on April 30 announced fundraising of Rs 53,124 crore by way of a 1:15 rights issue -- India's biggest and the first such issue by the firm in nearly three decades
Reliance also received Rs 7,000 crore by selling 49 per cent stake in its petro retail business to BP
Market players say strong demand for issue underscores investors faith in firm's long-term prospects
Reliance Industries' mega rights issue was the first time the platform was tested
Units worth nearly Rs 150 crore changed hands on the NSE and another Rs 554 crore on the BSE.
Delisting of companies could gain traction with some promoters eyeing to wrestle full control, taking advantage of the drop in share prices triggered by the Covid-19 pandemic
Investors paid as much as Rs 212 to trade their 'rights entitlement' for an attractive price
One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30
The rights issue price has been set at Rs 1,257 a share, a discount of nearly 14 per cent to the last closing price of Rs 1,459
The abridged letter of offer, application form of rights issue and rights entitlement letter will be sent to eligible equity shareholders of the company
Partly-paid shares issued under rights will be traded separately
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
Rights issue is a mechanism available for listed firms to raise money by offering existing shareholders new equity shares
The company looks to raise Rs 53,125 crore through this rights issue, which will be the first by RIL in three decades