Reliance fixes May 14 as record date for rights issue of Rs 53,125 crore

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has fixed May 14 as the record date for determining shareholders eligible to apply for India’s biggest rights issue of Rs 53,125 crore.

Billionaire Mukesh Ambani’s firm had on April 30 announced fundraising of Rs 53,125 crore by way of a 1:15 rights issue, the first such issue by RIL in nearly three decades.

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.

RIL’s share price has since risen to Rs 1,561.80 (Friday’s closing price), but the rights issue price remains the same.