The Board of directors of Reliance Industries Ltd, at its meeting held today, i.e., April 30, 2020 considered and approved, amongst others, the issuance of equity shares of Rs. 10/- each of the Company on rights basis to eligible equity shareholders of the Company as on the record date (to be notified later), of an issue size of Rs.53,125 crore (the “Issue”).
The Board also approved the following terms of the Issue:
Rights Issue Price: Rs. 1,257/- per fully paid-up equity share (including a premium of Rs. 1,247/- per equity share).
Terms of payment of Issue Price: 25% on application and balance in one or more calls as may be decided by the Board / Committee of the Board from time to time.
Rights Entitlement Ratio: 1 equity share for every 15 equity shares held by eligible shareholders as on the record date.
Further the Board constituted ‘Rights Issue Committee’ to decide the other terms and conditions of the Issue including the record date.
The promoter and promoter group of the Company have confirmed they will subscribe to the full extent of their aggregate rights entitlement. In addition, they will also subscribe to all the unsubscribed shares in the Issue.
