The board of Reliance Industries (RIL) will meet on Thursday to consider rights issue, recommend dividend and approve the company’s results.
The rights issue, for the first time in the last three decades, is aimed at making RIL a debt-free company by the end of this fiscal. “RIL’s announcement that it’s considering a rights issue was a surprise. While a rights issue, if successful, could be slightly earnings accretive under various scenarios, it would also reduce investor focus on asset divestments,” Morgan Stanley said in a note.
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