RIL Rights issue oversubscription reaches 129.8% with one day to go

Reliance Industries Ltd’s Rs 53,124 crore rights issue, which has already been oversubscribed, on Tuesday received further bids for 8.8 crore, taking the subscription to nearly 130 per cent, according to stock exchange data.

The issue subscription data on stock exchanges showed total bids received at 54.9 crore, overshooting the 42.26 crore shares on offer by 29.8 per cent.

The BSE received applications for 48.5 crore rights shares, NSE for 5.64 crore and the non-ASBA bid quantity stood at 0.70 crore rights shares.

As per Dealogic, the rights issue is the world’s largest by any non-financial company in last 10 years. It opened for the subscription of shareholders on May 20 and will close on June 3, 2020.