Reliance Industries rights a big draw
The Rs 53,124-crore rights issue from Reliance Industries (RIL), which closed for subscription on Wednesday, has been subscribed more than 1.6 times.
Data available from the stock exchanges showed that total bids received from shareholders stood at over 67.15 crore shares compared with the 42.26 crore shares on offer.
According to the BSE, the total bid quantity was at 55,12,76,694 shares as of 8 pm. Of this, the non-ASBA bid quantity stood at 82,33,776 shares. Data from the NSE showed that the bids on the bourse were at 12,02,93,057.
ASBA or Application Supported by Blocked Amount is an application by an investor containing an authorisation to a bank to block the application money in the latter’s account to subscribe to an issue.
The subscription numbers should be seen in the context that shareholders can also apply for additional shares.
RIL said in a late evening statement that the response from its investors shows an overall commitment of over Rs 84,000 crore. The allotment of equity shares will happen around June 10.
“The success of RIL’s rights issue, seen in the context of the prolonged nationwide lockdown, is also a vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in the intrinsic strength of the Indian economy. I have no doubt that the Indian economy will bounce back to follow a high-growth trajectory in the time to come, and make India a leading digital nation in the world,’’ chairman Mukesh Ambani said.