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January 18, 2021
KhabriBaba
Business

Mukesh Ambani gets 552 lakh shares in RIL rights issue

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Indian companies are becoming new hope for foreign investments. Because there are speculations that companies from China can shift business in India. At the same, billionaire Mukesh Ambani got 5.52 lakh shares from his flagship firm Reliance Industries (RIL) out of the Rs 53,124 crore rights issue. This information has been revealed in the company’s regulatory filing on Thursday. Of the 75 lakh shares held before the rights issue, Ambani now owns 80.52 lakh shares (0.12 per cent) of RIL.

According to media reports, his wife Neeta and children Isha, Akash and Anant each got 5.52 lakh shares. They all hold a 0.12 per cent stake in the firm separately. In all, the promoter group got 22.50 crore shares in the rights issue. Public shareholding declined from 49.93 per cent to 49.71 per cent. Similarly, the insurance company Life Insurance Corporation (LIC) has subscribed for 2.47 crore shares, which is 37.18 crore or 6 percent of the total equity of RIL. Public shareholders got 19.74 crore shares in all.

On April 30, Mukesh Ambani’s company had announced to raise Rs 53,125 crore through a rights issue. This is the first such issue being brought out by RIL in nearly three decades. Also, under this issue, one share was offered for every 15 shares. That is, 1 share could be bought on the already existing 15 shares. Under the issue, the price of one share was kept at Rs 1,257, which is 14 percent less than the closing price of 30 April. The issue received 1.6 Guna subscription.

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