RIL to finalise first rights offer in 29 years on Apr 30

Mumbai: Reliance Industries (RIL), India’s most valued company, is planning a rights issue — its first fund-raise from the public in 29 years. The company has not disclosed the amount of money it plans to raise through the rights offer, or any other details about it.

Through a stock exchange notice on Monday, RIL said its board will meet on April 30 to “consider a proposal to issue equity shares to existing shareholders on rights basis”. Early this month, RIL had said that the board had approved a proposal to raise Rs 25,000 crore through non-convertible debentures (NCDs).

RIL chairman Mukesh Ambani will lead a board meeting on Thursday to consider the proposal of issuing new shares to existing shareholders, currently numbering over 23 lakh, according to data from the BSE.