RIL’s rights issue to open on May 20
Reliance Industries Ltd’s (RIL) ?531.25 billion rights issue, which is the country’s biggest, will open for subscription on May 20, and close on June 3. The date of this was approved by the issue committee of the board in its meeting held on Friday, RIL said in a regulatory filing.
This is the first rights issue by RIL in nearly three decades. The rights issue is priced at ?1,257 per share with share ratio of 1:15. Further, in a presentation, RIL positioned itself as a technology and consumer company building on its three mega engines: Jio Digital Life, Reliance Retail and Reliance Oil-to-Chemicals (O2C).
The presentation - ‘New Reliance for a New India’ – also said that RIL will take education, health and agri-knowledge to the doorsteps of rural India riding on Jio platform. RIL is now at the beginning of a “new and unprecedented wave of wealth creation” for India by harnessing the power of new technologies to fire its diverse growth engines, it said.
RIL is already a software company developing an ecosystem of new digital technology platforms including IoT, cloud computing, New Commerce, a home and-office connectivity platform among others, it said.
(Source: Hindu Business Line 16-05-2020)