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.