Reliance Industries Limited (RIL) has achieved successful closure of India’s largest ever Rights Issue of Rs. 53,124.20 crore as it was subscribed 1.59 times, cumulating to an overall commitment of over Rs. 84,000 crore. 

 

The Rights Issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the Rights issue was subscribed 1.22 times. The allotment of equity shares will happen on or about 10th June 2020. 

 

A unique feature of RIL’s Rights Issue was that, despite its record-setting magnitude, it was completed entirely on a digital platform, defying the formidable constraints imposed by the COVID-induced lockdown. And this too was a new record in the history of Indian and global capital markets. None of the stakeholders across 800 Indian cities and many financial centres abroad — regulators, bankers, financial institutions, retail investors and others — had to step out of their offices or homes, and yet everything related to the Rights Issue was conducted smoothly and with utmost efficiency. 

 

Commenting on the success of the Rights Issue, Mukesh Ambani, Chairman and Managing Director of Reliance Industries said, “I express my sincere thanks to our dear and esteemed shareholders for participating in this Rights Issue and making it a new and proud landmark in the history of India’s capital market."

 

"The tremendous vote of confidence in the Rights Issue convinces us that our shareholders endorse this vision and mission. Their support further strengthens our resolve as we firmly set forth to build a New Reliance for a New India,” commented Ambani. 

 

Mukesh Ambani added, “The success of RIL’s Rights Issue, seen in the context of the prolonged nationwide lockdown necessitated by the COVID-19 pandemic, is also a vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in the intrinsic strength of the Indian economy. I have no doubt that the Indian economy will bounce back to follow a high-growth trajectory in the time to come, and make India a leading Digital Nation in the World.”