The largest rights issue in India of the largest company in the country (in terms of market capitalisation) is set to open on 20 May. RIL (Reliance Industries Limited) has informed its shareholders that it plans to raise up to Rs 53,036.13 crore from the rights issue of which Rs 39,755.08 crore would be used for paring debt as part of the company's deleveraging plan.
As part of its plan to become a zero net debt company, the oil-to-telecom conglomerate has also announced four deals in a month's time.
Its recently announced deals with General Atlantic, Vesta Equity Partners, Silver Lake, and Facebook, along with the closure of its previously informed Rs 7,000 crore stake sale to BP in the oil marketing joint venture will lead to a total cash infusion of over Rs 74,000 crore.
RIL plans to reduce its net debt which was Rs 1.61 lakh crore as on 31 March 2020 to become net debt-free by March 2021.
If you are looking to participate in the rights issue, here are some things you need to know: