Reliance Industries Ltd (RIL), which opened its rights issue for subscription on Wednesday was subscribed 1.35% on Day 3 at 6:15 pm closing according to exchange website.
Shares of RIL closed at ₹1431.60 down 0.59% from its previous close, while the benchmark index, Sensex lost 0.84% to close at 30672.59 points.
The rights issue valued at ₹53,125 crore, was opened for subscription on Wednesday and it will close on 3 June. All eligible shareholders as per record date of 14 May are entitled to subscribe to the fresh issue.
RIL will issue 42,26,26,894 equity shares as part of the rights issue. The company will offer existing shareholders one new share for 15 held at a discounted price of ₹1,257.
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.
Shareholders will only have to pay 25% of the total subscription amount and the balance will have to be paid by shareholders in two installments in May 2021 and November 2021 respectively, as per the company's filing.
Mukesh Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses while targeting to deleverage the balance sheet.
Ahead of the rights issue, RIL has struck five deals selling minority stakes in Jio Platforms to foreign investors. Over the last month, leading technology investors, such as, Facebook, Silver Lake, Vista, General Atlantic and KKR have announced aggregate investments of ₹78,562 crore into Jio Platforms.