On Tuesday (June 2) more bids were received for the Rs 53,124 crore rights issue of Reliance Industries Ltd, a company of veteran industrialist Mukesh Ambani. The issue of the company has received more subscription only on Monday (1 June). As per the data available with the stock markets, it has so far received nearly 130 percent subscription.
According to the data, 54.9 crore bids were received for the issue, while the size of the rights issue is 42.26 crore. Bids were received for 48.5 crore issue on BSE, while 5.64 crore on NSE.
As part of the rights issue, the company is offering to issue one issue for every 15 shares at Rs 1,257. RIL shares closed at Rs 1,536.10 on Tuesday (June 2) in the BSE. Wednesday (June 3) is the last day to bid for the issue.
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Mukesh Ambani in August last year revealed a plan to cut debt by 2021. This right issue has been brought under the same scheme. Apart from this, efforts are also being made to reduce debt by selling equity in Jio platforms. Reliance’s Fully Owned Subsidiary Jio platforms has witnessed a spate of investors.
5 major investors including US company Facebook Inc have invested Rs 78,562 crore in Jio platforms. This is by far the largest investment in a technology company in India. Reliance has launched its first right issue in three decades and is offering one share for fifteen shares.