Reliance Industries scoops up $7bn in record rights issue

By Jonathan Breen
05 Jun 2020

Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.

The Indian conglomerate closed the book for the issue on Wednesday, 1.59 times subscribed. The offer comprised 422.6m rights shares, available on a basis of one rights share for 15 existing shares.

The price for the issue is Rp1,257 per rights share, which comes at a 12% discount ...

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