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Mukesh Ambani gets 5.52 lakh shares in RIL rights issue; co allocates shares

PTI New Delhi | Updated on June 11, 2020 Published on June 11, 2020

Billionaire Mukesh Ambani has got 5.52 lakh shares of his flagship firm Reliance Industries (RIL) in the recently concluded Rs 53,124 crore rights issue, according to the company’s regulatory filing on Thursday.

Ambani now holds 80.52 lakh shares or 0.12 per cent of RIL, up from 75 lakh shares held before the rights issue.

His wife Nita and children Isha, Akash, and Anant too got 5.52 lakh shares each after they subscribed to the rights offering. They too hold 0.12 per cent each in the firm.

In all, the promoter group got 22.50 crore shares in the rights issue, taking their shareholding in the firm to 50.29 per cent, marginally higher than 50.07 per cent earlier.

Public shareholding marginally reduced to 49.71 per cent from 49.93 per cent, the filing showed.

State-owned insurer Life Insurance Corporation (LIC) subscribed to 2.47 crore shares to take its shareholding to 37.18 crore or 6 per cent of the total equity of RIL.

In all, public shareholders got 19.74 crore shares.

Ambani’s firm had on April 30 announced fundraising of Rs 53,124 crore by way of a 1:15 rights issue -- India’s biggest and the first such issue by the firm in nearly three decades.

One share was offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30.

The issue was over-subscribed 1.6 times, cumulating to an overall commitment of over Rs 84,000 crore.

Shareholders paid only 25 per cent for subscribing to the rights issue, and the balance will have to be paid in two installments in May and November next year, the company had previously said.

“Pursuant to the board approval, the company had, vide letter of offer dated May 15, 2020, issued 42.26 crore equity shares of the face value of Rs 10 each (rights equity shares) to the eligible equity shareholders at an issue price of Rs 1,257 per rights equity share (including a premium of Rs 1,247 per rights equity share),” the company said.

The rights equity shares were issued as partly paid-up and an amount of Rs 314.25 per rights equity share was payable on application (of which Rs 2.50 towards face value of rights equity share and Rs 311.75 towards the premium amount of rights equity share).

“The company has, today, on June 11, 2020, allotted 42,24,40,258 rights equity shares to the eligible applicants against the issue of 42,26,26,894 equity shares,” it said.

Issue of 1,86,636 rights equity shares has been kept in abeyance by the company, pursuant to an order passed by the special court constituted under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, it added.

It did not give details of the legal case.

Published on June 11, 2020

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