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Reliance Industries rights issue

by Aravind Balaji
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Reliance Industries rights issue

On April 30 Reliance Industries announced its plan to raise Rs.53,125 crore through a rights issue in the ratio of 1 for every 15 shares held at a rate of Rs.1,257 with current market price closed at Rs.1466. The past month has been noteworthy for Reliance Industries and its shareholders. The company lost up to 35% of its market capitalization during the month of March and returned 40% from the low of march month. The lockdown has caused demand for petroleum products to decline and a further drop in crude oil prices resulted in Reliance Industries reporting a decline in profits at a rate of 38.7% year on year.

Reliance Industries join hands with Facebook Inc

Amid all this the Chairman of Reliance Industries announced the partnership between Reliance and American tech giant Facebook Inc in the telecommunications business. According to the deal Facebook will buy a 10% stake in Jio, the telecommunication business, of Reliance Industries. Apart from this Reliance Industries is also in negotiation with Aramco, Saudi Arabian Oil company, for selling its 20% stake in Oil to Chemicals business.

Purpose of the rights issue

The said rights issue is so far the biggest one in the country and the company has placed this rights issue after thirty years for its existing shareholders. The existing shareholding of the promoters in the company stands at 50.3%. The promoters are also participating in the rights issue. They will subscribe up to the level of maintaining their existing stake and subsequently if there is any unsubscribed portion left. The expected equity infuse by the promoters is up to Rs.26,500 crores.

The increase in the equity capital will help Reliance optimizing its capital structure by reducing its debt capital. Reliance Industries envisions to become a net debt-free company by the 2021 (i.e) the net debt of the company after deducting its liquid assets will be zero. Apart from this Reliance is expected to fund the future Capital Expenditure of Telecommunication and retail business segments through funds raised from the rights issue.

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