Morgan Stanley Mukesh Ambani India city Axis covid-19 testing pandemic Morgan Stanley Mukesh Ambani India city Axis

₹53,125 cr opens today

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Asia’s richest man Mukesh Ambani’s Reliance Industries Ltd (RIL), which is on a fund-raising spree amid the covid-19 pandemic, is set to open its massive ₹53,125-crore rights issue on Wednesday.

The rights issue, which closes for subscription on 3 June, will be the largest share sale India has seen—more than double the 2019 record held by Bharti Airtel Ltd and Vodafone Idea Ltd of around ₹25,000 crore each.

Reliance has hired a syndicate, comprising 14 investment banks, including Morgan Stanley, Citi, Bank of America and Axis Capital, to manage it.

Ahead of the rights issue, Reliance sold a 14% stake in Jio Platforms to multiple investors, including Facebook Inc., across deals worth ₹67,194.75 crore.

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