Asia’s richest man Mukesh Man-led Reliance Industries Ltd's ₹53,124-crore rights issue, the largest in the country, is slated to close on Wednesday. The issue was over-subscribed on Tuesday, with another day to go.

The issue had received bids for 8.8 crore on Tuesday, increasing the subscription to nearly 130 per cent and taking the cumulative demand to nearly 54.9 crore shares, according to stock exchange data.

The issues, which also the world’s largest by a non-financial company in last 10 years, had for subscription May 20.

As of June 2, RIL received bids totaling 54.9 crore, overshooting the 42.26 crore shares on offer by 29.8 per cent. The applications on BSE were for 48.5 crore shares, while that on NSE has received applications for 5.64 crore and that for non-ASBA bid quantity stands at 0.70 crore shares.

ALSO READ: Reliancelaunches ₹53,125 crorerights issue; to give one share for every 15 shares held

With plans to raise funds totalling 1.62-lakh crore by December, RIL will emerge net-debt free by the end of this calendar year, much ahead of industry and analysts expectations of it being debt-free by March 2021, industry sourced told BusinessLine on May 31.

READ THE STORY: Reliance Industries to be debt-free by year-end

RIL has come out with a rights issue first time in three decades to enable all shareholders participate in its growth consumer and technology businesses, where new strategic investors have started joining.

Those subscribing to the rights issue by June 3 can expect allotment of partly paid RIL shares by Thursday in their demat accounts. These shares will be separately listed on stock exchanges and their trading will begin from Friday, according to the issue schedule provided with the Letter of Offer.

Under the issue, shareholders will get fresh shares of the company at a price of ₹1,257 each and need to pay the amount over 18 months in three installments; 25 per cent on application by June 3, 25 per cent in May 2021 and 50 per cent in November 2021.

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