Reliance US$7bn rights issue opens

摘要

RELIANCE INDUSTRIES' Rs531bn (US$7bn) rights issue, India's largest ever equity capital market transaction, will be open for subscription between May 20 and June 3. Reliance is offering around 422.6m rights shares in a 1-for-15 ratio at Rsl,257 each, a 14% discount to the pre-deal close of Rsl,466. The shares closed at Rsl,441.25 on Thursday.Mukesh Ambani and his family, who own around 50% of the company, are underwriting the entire deal as is common in India, where banks do not typically underwrite rights issues.