: RIL announces payment schedule for balance amount of rights issue #FinanceIndia #StockMarketNEWS #Business New Delhi: Reliance Industries Limited (RIL) has announced the payment schedule for the balance

@StockMarketNEWS Tue 19 May, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

RIL announces payment schedule for balance amount of rights issue #FinanceIndia #StockMarketNEWS #Business
New Delhi: Reliance Industries Limited (RIL) has announced the payment schedule for the balance amount of its rights issue which opens on Wednesday.

In a filing with the stock exchanges, RIL said that 25 per cent will be payable in May 2021 and the remaining 50 per cent in November 2021.

The Rights Issue Committee of the Board of Directors, in its meeting has proposed the schedule for payment of the balance amount of Rs 942.75 per rights equity share. As per the schedule, Rs 314.25 that is 25 per cent is to be paid in May 2021 and Rs. 628.50 i.e. the balance 50 per cent in November 2021.

The board of RIL would make the calls for this purpose at the relevant time. RIL had earlier announce that on application, the shareholders will pay Rs 2.50 on face value and Rs 311.75 on premium, totaling to Rs 314.25 per rights equity share. The payment terms will be 25 per cent on application and balance to be paid next year in 2021.

The remaining Rs 942.75 will be payable in one or more subsequent calls as determined by the board of directors from time to time. The payment schedule for these calls has been announced today.

The Rs 53,125 crore rights issue of Mukesh Ambaniâ€™s Reliance Industries Limited (RIL) will open for subscription on May 20 and the closing date is June 3.

This was approved by the Rights Issue Committee of the board of directors at a meeting held today. The letter of offer will be filed with BSE, NSE and the Securities and Exchange Board of India (SEBI).

The abridged letter of offer, application form of rights issue and rights entitlement letter will be sent to the eligible equity shareholders of the company.

This is the first rights issue by RIL in nearly three decades. The rights issue of Reliance Industries Limited (RIL) will be priced at Rs 1,257 per share with share ratio at 1:15. The issue amount is Rs 53,125 crore.
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