Reliance Industries Fixes 14 May As Record Date For Rights Issue

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The rights concern is Reliance’s first of its form in virtually 30 years

In a regulatory submitting to the exchanges late on Saturday, Reliance Industries stated that the corporate has fastened 14 May because the ‘document date’ for figuring out the fairness shareholders entitled to issuance of rights.

The firm has additionally obtained in-principle approvals from BSE and NSE for the proposed rights concern of 42,26,26,894 fairness shares, Reliance Industries additionally acknowledged within the launch, including that the opening and shutting dates for the rights concern will likely be knowledgeable individually.

Last month, whereas reporting its fourth quarter earnings, Reliance Industries had authorized a fund elevating plan of Rs 53,125 crore by way of rights concern, which it stated was the most important in India. The ratio could be 1:15 at a value of Rs 1,257. Promoters of the corporate will subscribe to their full entitlement of the rights concern and likewise to all of the unsubscribed portion, Reliance Industries had stated. The rights concern is Reliance’s first of its form in virtually 30 years.

On Friday, Reliance Industries’ inventory went closed at Rs 1561.80, up 3.62 %.

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