Earlier, billionaire Mukesh Ambani-led oil-to-telecom behemoth on April 30 had announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue, the first such issue in nearly three decades, as it steps up efforts to pare debt.
One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30.
The rights issue opening and closing dates will be informed separately.
The company has obtained in-principle approvals from BSE and the National Stock Exchange of India for the proposed rights issue of 42,26,26,894 equity shares, the oil-to-telecom behemoth said in a release.
In its earnings statement for fourth quarter, RIL said this would be India’s biggest rights issue.
The move comes within days of RIL agreeing to sell a 9.99 per cent stake in its digital platform to Facebook Inc for $ 5.7 billion or Rs 43,574 crore.
At the end of March quarter, RIL had an outstanding debt of Rs 3,36,294 crore. It also had cash in hand of Rs 1,75,259 crore, bringing the net debt position to Rs 1,61,035 crore.
The rights issue is likely to help RIL achieve its zero-net-debt target by March 2021, even if there are delays in proceeds from Saudi Aramco and Facebook deals, as per ETIG calculations.