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New Delhi, May 10 () Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has fixed May 14 as the record date for determining shareholders eligible to apply for India's biggest rights issue of Rs 53,125 crore. Billionaire Mukesh Ambani's firm had on April 30 announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue, the first such issue by RIL in nearly three decades. One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. RIL's share price has since risen to Rs 1,561.80 (Friday's closing price), but rights issue price remains the same. "We inform you that the Rights Issue Committee constituted by the Board of Directors of the company has, at its meeting fixed Thursday, May 14, 2020 as the 'Record Date' for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue," the firm said in a regulatory filing. The rights issue opening and closing dates will be informed separately, it added. Typically, cash-strapped companies use rights issues to raise money when they really need it. In rights offerings, companies grant shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. ANZ RVK

Reliance fixes May 14 as record date for rights issue

New Delhi, Apr 30 () Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) on Thursday announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue, the first such issue in nearly three decades, as it steps up efforts to pare debt. One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. In its earnings statement for fourth quarter, RIL said this would be India's biggest rights issue. The move comes within days of RIL agreeing to sell a 9.99 per cent stake in its digital platform to Facebook Inc for USD 5.7 billion or Rs 43,574 crore. Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses while targeting to deleverage the balance sheet. At the end of March quarter, RIL had an outstanding debt of Rs 3,36,294 crore. It also had cash in hand of Rs 1,75,259 crore, bringing the net debt position to Rs 1,61,035 crore. RIL said its board also approved a dividend of Rs 6.50 per equity share for the financial year ended March 31, 2020. It "approved the issuance of equity shares of Rs 10 each of the company of an issue size of Rs 53,125 crore by way of 'Rights Issue' to eligible equity shareholders of the company as on the record date." "The price for the Rights Issue has been determined at Rs 1,257 per share and the share ratio at 1:15," it said. "The proposed Rights Issuance will be the first by RIL in three decades. The issue will be structured as partly paid shares and will enable shareholders to phase out the outlay on their investment over a period of time." Typically, cash-strapped companies use rights issues to raise money when they really need it. In these rights offerings, companies grant shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. As part of its balance sheet deleveraging plans, RIL is talking to Saudi Aramco for selling a fifth of its oil-to-chemicals business for an asking of USD 15 billion and has sold half of its fuel retail venture to BP Plc for Rs 7,000 crore and telecommunication tower business to Brookfield for Rs 25,200 crore. Together, proceeds from these transactions will result in a reduction in RIL's net debt. "The Board was also informed that the company expected to complete the capital raising programme totalling over Rs 1.04 lakh crore by Q1 of the current financial year. This includes the investment by Facebook in Jio Platforms, the upcoming rights issue, and the previous investment by British Petroleum in FY2019-20," RIL said. ANZ RVK

Reliance to raise Rs 53,125 cr via 1:15 rights issue at Rs 1,257 per share

<ul><li><keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>' ₹53,125 crore rights issue will open for subscription on May 20 and close on June 3.</li><li> One will be offered for every 15 shares held at ₹ 1,257 — a 14% discount as per the closing price on April 30.</li><li>The company claims that the rights issue is not about mitigating its debt, but about rewards shareholders.</li></ul> Oil-to-telecom conglomerate Reliance Industries Ltd on Saturday said its mega Rs 53,125 crore rights issue will open for subscription of shareholders on May 20 and close on June 3. Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s firm had on April 30 announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue -- India's biggest and the first such issue by the firm in nearly three decades. Reliance had earlier fixed May 14 as the record date for determining shareholders' eligible to apply for the issue. In a regulatory filing, the company said the rights issue committee of the board of directors at its meet on May 15 approved issue opening on May 20 and closing date of June 3. "Abridged letter of offer, application form of rights issue, and rights entitlement letter, to be sent to the eligible equity shareholders of the company," it said. One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. Reliance share price has since risen to Rs 1,458.90 (Friday's closing price) but rights issue price remains the same. The proposed rights issuance will be the first by Reliance in three decades. Typically, cash-strapped companies use rights issues to raise money when they really need it. In these rights offerings, companies grant shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. But for Reliance, it is not about raising funds as it has significant liquidity with USD 23.4 billion of cash and equivalent. It is being seen as an attempt to reward the shareholders, cut debt at the group and underscore promoters' faith in the Reliance growth story. Promoter Ambani family has under-written the entire rights issue, pledging to buy shares that are unsubscribed. The last time Reliance tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses while targeting to deleverage the balance sheet. At the end of March quarter, RIL had an outstanding debt of Rs 3,36,294 crore. It also had cash in hand of Rs 1,75,259 crore, bringing the net debt position to Rs 1,61,035 crore. As part of its balance sheet deleveraging plans, Reliance has sold minority stake in its digital unit Jio Platforms to likes of Facebook. It is also talking to Saudi Aramco for selling a fifth of its oil-to-chemicals business for an asking of USD 15 billion and has sold half of its fuel retail venture to BP Plc for Rs 7,000 crore and telecommunication tower business to Brookfield for Rs 25,200 crore. Together, proceeds from these transactions will result in reduction in RIL's net debt. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $450 billion industry has to woo them with fair pay to start with</a> <a href="https://www.businessinsider.in/entertainment/news/carry-minati-youtube-vs-tiktok-video-removed-for-violating-terms-of-service/articleshow/75749665.cms">Carry Minati's 'YouTube vs TikTok' video removed for violating terms of service — fans claim injustice</a> <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">"I have been asking for this for 20 years," says Ashok Gulati, agriculture scientist ⁠— cheering the changes to Essential Commodities Act and APMC</a>

Reliance Industries' ₹53,125 crore right issue will kick off on May 20 — you'll have till June 3 to subscribe

<ul><li>Shares of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> on Monday gained nearly 2 per cent after the company announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for Rs 6,598.38 crore.</li><li>On the NSE, shares of the company went advanced 1.54 per cent to ₹1,482. </li><li>Reliance Industries on Sunday announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for ₹6,598.38 crore, the fourth deal in less than four weeks that will inject a combined Rs 67,194.75 crore in the oil-to-telecom conglomerate to help it pare debt.</li></ul>Shares of Reliance Industries on Monday gained nearly 2% after the company announced the sale of 1.34% stake in its digital unit to global equity firm General Atlantic for ₹6,598.38 crore. The heavyweight stock rose by 1.58 per cent to ₹1,482 on the BSE in opening session. On the NSE, shares of the company went advanced 1.54 per cent to ₹1,482. However, as the session progressed, the company surrendered the early gains and was quoting 1.07 per cent down at ₹1,443.25 on the BSE in line with weak market sentiment. Reliance Industries on Sunday announced the sale of 1.34 per cent stake in its digital unit to global equity firm General Atlantic for ₹6,598.38 crore, the fourth deal in less than four weeks that will inject a combined Rs 67,194.75 crore in the oil-to-telecom conglomerate to help it pare debt. "This investment values Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore. General Atlantic's investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis," the company said in a statement. The deal follows Facebook picking up a 9.99% stake in the firm that houses India's youngest but largest <keyword id="6354776" type="COMPANY" weightage="20" keywordseo="Telecom">telecom</keyword> firm on April 22 for ₹43,574 crore. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for ₹5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore. Meanwhile, Reliance Industries' ₹53,125-crore rights issue will open for subscription of shareholders on May 20 and will close on June 3. Shareholders will have to pay only 25% for subscribing to the issue, and the balance will have to be paid in two installments in May and November next year, the company said.

Reliance Industries shares gain nearly 2% after General Atlantic deal

Mumbai, The <keyword id="63783" type="COMPANY" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) has imposed a penalty of ₹25 crore and ₹15 crore respectively on <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) and its Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> for <keyword id="4916480" type="PERSON" weightage="20" keywordseo="manipulative-trading">manipulative trading</keyword>. The <keyword id="529056" type="PERSON" weightage="20" keywordseo="Sebi-order">SEBI order</keyword> observed that RIL had entered into a well-planned operation with its agents to corner the open interest in the RPL (Reliance Petroleum) futures and to earn undue profits from the sale of RPL shares in both cash and futures segments and to dump large number of RPL shares in the cash segment during the last ten minutes of trading on the settlement day resulting in a fall in the settlement price. The case pertains to 2007. It also observed that Mukesh Ambani being the Chairman &amp; Managing Director of RIL, was responsible for its day-to-day affairs and thereby, liable for the "manipulative trading" done by RIL. The order noted that <keyword id="656309" type="PERSON" weightage="20" keywordseo="Navi-Mumbai-SEZ">Navi Mumbai SEZ</keyword> Pvt Ltd and Mumbai SEZ Ltd have allegedly aided and abetted RIL by providing funds to one of the agents appointed by RIL, who in turn provided funds to other 11 agents for making the margin payments for the short positions in RPL November Futures. The capital market regulator imposed penalties of ₹20 crore and ₹10 crore on Navi Mumbai SEZ and Mumbai SEZ respectively. As per SEBI, it was observed that a resolution was passed by the <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> of on March 29, 2007 which approved the operating plan for the year 2007-08 and resource requirements of the next two years -- around Rs. 87,000 crore. Thereafter, RIL decided to sell approximately 5 per cnet of its shareholding in RPL (up to 22.5 crore RPL shares) in November 2007. Subsequently, RIL admittedly appointed 12 agents, between October 30, 2007 to November 3, 2007, to undertake transactions in the November 2007 RPL Futures (settlement period November 1- November 29, 2007) on its behalf. The said 12 agents appointed by RIL took short positions in the F&amp;O Segment on behalf of RIL, while RIL undertook transactions in RPL shares in the cash segment. During the period of November 1, 2007 to November 29, 2007, various transactions were undertaken by RIL in the cash segment and by RIL through the agents in the F&amp;O segment. From November 15, 2007 onwards, RIL's short position in the F&amp;O segment constantly exceeded the proposed sale of shares in the cash segment. Further, the probe showed that on November 29 2007, RIL sold a total of 2.25 crore shares in the cash segment during the last 10 minutes of trading resulting in fall in the prices of RPL shares, which also lowered the settlement price of RPL November Futures in the F&amp;O Segment. RIL's entire outstanding position of 7.97 crores in the F&amp;O Segment was cash settled at this depressed settlement price resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement, said the order dated January 1. SEBI noted that an order noted dated March 24, 2017 had directed RIL to disgorge an amount of ₹447.27 crore along with interest calculated at the rate of 12% per annum from November 29, 2007 onwards till the date of payment. Further, RIL was prohibited from dealing in equity derivatives in the F&amp;O segment of stock exchanges, directly or indirectly, for a period of one year from the date of the said Order. "I find it appropriate to consider the direction in the nature of debarment and the disgorgement that has already been passed against RIL herein as a relevant factor while deciding the quantum of penalty," it said. "I have also considered the quantum of loans advanced by Noticee-3 (Navi Mumbai SEZ) and Noticee-4 (Mumb ai SEZ) to the agent appointed by RIL. Considering the above, I proceed to impose an appropriate penalty on each of the noticee that serves as a deterrent to the noticees and others indulging in such fraudulent trade practices." SEE ALSO: <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a> <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">INTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a>

SEBI imposes penalty on Mukesh Ambani and Reliance Industries for manipulative trading

MUMBAI: Shares of <keyword id="6487" type="CITY" weightage="80" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> (RIL) climbed over 15% in the past month, outperforming the 6% rise in Sensex as renewed investor appetite for India and the country’s second- most valuable company outweighed negative news flow on gas pricing and Arvind Kejriwal’s repeated attacks on RIL chairman <keyword id="3820" type="PERSON" weightage="40" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>. 
 Foreign funds are pouring into Indian equity markets, with a net inflow of about $3 billion this month, and market experts say RIL, which has lagged the market for long, is a preferred stock for many. “When foreign funds buy Indian <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword>, Reliance is a natural choice and it gains more than others. By the same token, when they exit, Reliance’s shares fall more than others as it happened in the past,” a fund manager at a foreign brokerage said. The stock still has alot of potential, as it has lagged the benchmark index for a long time, and can fire a Sensex rally in the future, he said. 
 
With macroeconomic indicators looking better than a year ago and expectations of an stable government to be voted to power in May, Indian markets are back on the radar screens of global funds. Indian markets have recently outperformed Brazil, China and Russia, helping index heavyweights gain. 
 
Analysts said the market remains broadly upbeat about RIL’s exploration and production business. They are also keenly watching its retail business, which has now become profitable as well as its broadband business, which brokers and traders say has the potential to shake up the telecoms market with a likely “irresistible offer” to customers just as it offered extremely low-cost mobile services in the past. 
 
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Reliance’s shares closed at Rs 914.5 at the BSE on Friday, close to their 52-week high of Rs 927.9 hit in July last year. Shares had fallen to a six month low below Rs 800 at the end of February, but have risen since then, barring temporary dips, including the day when the Election Commission asked the government to defer its decision to nearly double gas prices from April 1. 
 Experts don’t see the gas price issue and the FIR ordered by Kejriwal, when he was Delhi’s chief minister, as major hurdles for RIL’s stock, although they would worry if the <keyword id="1462125" type="UNKNOWN" weightage="40" keywordseo="Aam-Admi-Party">Aam Admi Party</keyword> performs better than expectations in the general elections, or if a Third Front government comes to power. They say change in asset allocations in emerging market and the huge flow of foreign money into Indian equities mainly into index stocks could be a reason for the recent surge in RIL stock. 
 
“The current rally in RIL shares is mainly because of the amount of foreign money flowing into Indian stocks and with over 10% weightage in Sensex, RIL is one among the top picks of foreign fund managers who are investing in index stocks,” said Deven Choksey, managing director of K R Choksey Shares and Securities. 
 The RIL stock accounts for about 5.5% of total FII <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword> against its 7.9% weight in the MSCI India index. 
 
“Long-term investors anticipate a huge return in RIL stock over the next twothree years as they expect the company is close to operational and financial turnaround” Choksey added. 
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Analysts are upbeat about RIL’s gas business as well as the performance of the world’s biggest refining complex at Jamnagar. “We expect KG-D6 discovery, which may be largest ever in the block to drive reserve upgrades for Reliance in 2014. At the same time, recent strength in GRMs and rebound in KG-D6 production will drive record quarterly profit for Reliance in Q4,” said Vikas Kumar Jain, analyst at CLSA. 
 
“We find the stock below historical average multiples and launch of 4G telecom services may also be a supportive factor in 2014.” 
 Vinay Jaising, analyst at <keyword id="48670" type="CITY" weightage="40" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> says “RIL is set to double its profits over F13-17e, driven by higher gas prices and volumes and downstream expansion”. 
 <keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword>, which holds thirdhighest weight in the Sensex after <keyword id="6357073" type="ORGANIZATION" weightage="40" keywordseo="ITC">ITC</keyword> and Infosys has been stuck in a range for quite some time. The stock has risen just 21% in the last five years against the 133% surge in benchmark Sensex. 
 
The stock is currently trading at 10 times its F2015 estimated earnings, a 15-20% discount to its historical average since 2008. Its 1.3x P/B is now at a 30% discount to its historical average since 2008. 
 
“Singapore complex GRM has improved to $6.6/bbl so far in Q4 against $4.3/bbl in Q3 with pick up in all product cracks, particularly gasoline and fuel oil which had seen a sharp decline in the previous quarter. We estimate Reliance’s GRM in Q4FY14 to date to be $10/bbl against $7.6/bbl in Q3FY14 GRM till date is $8.2/bbl. Every $1/bbl change in GRM impacts RIL’s FY14 EPS by 10%,” said Arya Sen, equity analyst at Jefferies.

Reliance Industries Stock On The Rise Despite Arvind Kejriwal's Repeated Attacks

New Delhi, May 19 () Reliance Industries will use three-fourth of proceeds of its mega rights issue for repayment of some of its borrowings, according to offer document. The company expects net proceeds of Rs 53,036.13 crore from the rights issue that opens on May 20 and closes on June 3. Out of these, Rs 39,755.08 crore would go towards "repayment/ prepayment of all or a portion of certain borrowings availed by company," it said. The remaining Rs 13,281.05 crore would be used for general corporate purposes. Shareholders will have to pay only 25 per cent for subscribing to the company's mega Rs 53,125-crore rights issue, and the balance will have to be paid in two installments in May and November next year, the company said. One share will be offered for every 15 shares held at Rs 1,257. Of the Rs 1,257 per share price, only 25 per cent is to be paid at the time of subscription. A similar amount will be due for payment in May 2021 and the balance 50 per cent has to be paid in November 2021, the company said. "On Application, investors will have to pay Rs 314.25 per rights equity share, which constitutes 25 per cent of the issue price and the balance Rs 942.75 per rights equity share which constitutes 75 per cent of the issue price, will have to be paid, on one or more subsequent call(s)," it said. In May 2021, they will have to pay Rs 314.25, and balance Rs 628.50 is to be paid in November 2021. The last date for shareholders wishing to do an on market renunciation is May 29. Out of the net proceeds of Rs 53,036.13 crore, three-fourth will be used to repay/repay either fully or partly the Rs 16,350 crore of commercial papers and Rs 36,213 crore of non-convertible debentures, the offer document said. "Our promoter and promoter group, by way of their letters dated May 15, 2020, have confirmed to subscribe to the full extent of their rights entitlements" and any unsubscribed portion of the issue, the offer document said. Billionaire Mukesh Ambani's firm had on April 30 announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue - India's biggest and first such issue by the firm in nearly three decades. One share will be offered for every 15 shares held at Rs 1,257. Reliance Industries' shares closed at Rs 1,408 on the BSE. The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses, while targeting to deleverage the balance sheet. At the end of March quarter, RIL had an outstanding debt of Rs 3,36,294 crore. It also had cash in hand of Rs 1,75,259 crore, bringing the net debt position to Rs 1,61,035 crore. As part of its balance sheet deleveraging plans, Reliance has sold a minority stake in its digital unit, Jio Platforms to the likes of Facebook. It is also talking to Saudi Aramco for selling a fifth of its oil-to-chemicals business for an asking of USD 15 billion and has sold half of its fuel retail venture to BP Plc for Rs 7,000 crore and telecommunication tower business to Brookfield for Rs 25,200 crore. Together, proceeds from these transactions will result in a reduction in RIL's net debt. ANZ BAL BAL

Reliance to use 3/4th of the rights issue to repay debt

New Delhi, Jun 25 () Fitch Ratings on Thursday said it has upgraded Reliance Industries Ltd's rating to 'BBB+' from 'BBB' as the company's financial profile has improved following sale of nearly 25 per cent stake in Jio and Rs 53,124 crore equity raise. "Fitch Ratings has upgraded India-based RIL's long-term local-currency issuer default rating (IDR) to 'BBB+' from 'BBB'. The Outlook is Stable," the ratings agency said in a statement. At the same time, the agency has affirmed RIL's long-term foreign-currency IDR at 'BBB-' with a stable outlook. 'BBB' ratings indicate that expectations of default risk are currently low. "The upgrade of the local-currency IDR is driven by our expectations of an improvement in RIL's financial profile, with net debt reductions underpinned by proceeds from a stake sale in its subsidiary, Jio Platforms Ltd, and a rights issue, and our forecast of positive free cash flow (FCF) during the financial year ending March 2021 (FY21)," it said. Fitch forecast that RIL's net debt/EBITDA will fall to 0.6x in FY21 from 2.3x in FY20. "RIL's local-currency IDR also reflects its strong business profile with a market leading position and diversified cash flows from a mix of oil to chemical and consumer businesses," the statement said. Fitch kept the stable outlook on RIL's foreign-currency IDR despite the revision in Indian sovereign's rating outlook to 'negative' from 'stable' on June 18, as it expected the company's hard currency (HC) external debt-service ratio to improve over the next 12 months. "Our expectation is driven by RIL's ability to reduce its foreign-currency borrowings outside India from the proceeds of the stake sale in Jio Platforms and its rights issue," it said. Fitch said proceeds of Rs 1.15 lakh crore from 24.7 per cent stake sale in Jio Platforms and the completion of its Rs 53,124 crore rights issue, with Rs 13,300 crore in cash received to date and the balance in FY22, would cut RIL's FY21 net leverage to well below 1.5x. It expected RIL's capital expenditure (capex) to fall from FY21 following the completion of most of its planned spending in its various business segments. The company's expansion of its fibre business is likely to be the major capex driver over the medium term, along with its investment in the domestic upstream business in a joint venture with BP plc over the next two-to-three years. FCF should turn positive in FY21, the first time since FY13, driven by robust operating cash flows, especially from its consumer businesses, and lower capex, it said. Fitch expects RIL's oil-to-chemical segments to face volume and margin headwinds due to a weakening of demand for refined products and petrochemicals in 2020, with gradual recovery through 2021 to pre-COVID-19 levels. Its telecom business, Reliance Jio Infocomm Ltd (Jio), is likely to be less affected by the coronavirus lockdown and contribute about 35 per cent of consolidated EBITDA in FY21 (from 26 per cent in FY20). Fitch said Jio's average revenue per user (ARPU) is expected to rise to Rs 147 in FY21 from Rs 131 in Q4 FY20. Also, 30 million subscribers are likely to be added in FY21 after 80 million additions in FY20. The rating agency expects RIL's retail segment revenue, excluding the digital-service business, to rise by 10 per cent in FY21 (compared to 15 per cent in FY20). "Retail revenue would be affected by lower footfall in its physical retail stores and a drop in spending on discretionary electronics and lifestyle products. "However, the impact will be mitigated by higher grocery sales and its partnership with Facebook, which allows users to buy goods and services using WhatsApp and Facebook Messenger," it added. ANZ ABM ABM

Fitch upgrades Reliance Industries' rating

<ul><li>A rights issue is an invitation to existing shareholders to buy more shares at a discount to the market price. </li><li>RIL's investors can subscribe to the right to own <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms" data-type="tilCustomLink" target="_blank">one new share for every 15</a> held in the company at ₹1,257 per share, 14% below Thursday’s (April 30) closing price. </li><li>Even if you expect that RIL shares will be worth a lot more in the future, if the share falls to ₹1,257, or below, investors can buy the shares from the market instead of subscribing to the rights.</li></ul>The rights issue announced by one of India's most valued company, Reliance Industries (RIL), will have to conclude by the end of June, as declared by the company. The company owned by Asia's richest man, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, plans to mop up ₹53,125 crore from shareholders. RIL's investors can subscribe to the right to own <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms" data-type="tilCustomLink" target="_blank">one new share for every 15</a> held in the company at ₹1,257 per share, 14% below Thursday’s (April 30) closing price. A rights issue is an invitation to existing shareholders to buy more shares at a discount to the market price. <div type="Article" hostid="261" msid="75474592" title="Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value" mstype="2" mssubtype="0"></div> How does it work? Since there will be more entering the market, the value of your existing shares will go down. That can be made up via additional shares via rights to make up for the fall. If you had 120 shares on Thursday (April 30), you will get rights to 8 new shares. Theoretically, if the value of RIL shares don't change, the value of 128 shares will be the same as the old 120 shares. While it is difficult to estimate the exact value of the total shareholding (after subscribing for rights)— since it can be affected by business and market factors — the theoretical price of each share can be calculated in the following manner. <table style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 444pt; font-family: Merriweather; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td class="xl64" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt; width: 159pt;">Period</td><td class="xl65" style="border-top: 1px solid rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 98pt;">Shares </td><td class="xl65" style="border-top: 1px solid rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 116pt;">Price</td><td class="xl66" style="border-top: 1px solid rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; width: 71pt;">Value</td></tr><tr><td class="xl67" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt;">Before rights issue</td><td class="xl63" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">120 (assumed)</td><td class="xl63" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">₹1464 (April 30 closing)</td><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">₹175680</td></tr><tr><td class="xl67" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15pt;">Rights issue</td><td class="xl63" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">8 (1 share for every 15)</td><td class="xl63" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">₹1257 (set by company)</td><td class="xl68" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">₹10056</td></tr><tr><td class="xl69" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: 1px solid rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top; height: 15.75pt;">Post rights issue</td><td class="xl70" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">128 (sum)</td><td class="xl70" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">₹1451.06*</td><td class="xl71" style="border-top: none rgb(221, 221, 221); border-right: 1px solid rgb(221, 221, 221); border-bottom: 1px solid rgb(221, 221, 221); border-left: none rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">₹185736 (sum)</td></tr></tbody></table> The above calculation assumes that <keyword id="4347449" type="PERSON" weightage="20" keywordseo="RIL-share-price">RIL share price</keyword> doesn't change, which will never happen. So, in fact, you might gain or lose money. Should I subscribe to the rights issue? Depends on the price. Even if you expect that RIL shares will be worth a lot more in the future, if the share falls to ₹1,257, or below, investors can buy the shares from the market instead of subscribing to the rights. The gap between the market price of each RIL share tomorrow and ₹1,257 will be the gain from the additional shares that you get from the rights issue. If the share price falls on Monday (May 3) and the closer it gets to ₹1,257, it will make lesser sense for investors to subscribe to the rights because the room for gains will shrink. How does it affect the company? RIL is expected to use the money received from subscriptions to the rights issue to repay debt. So, the lesser it makes, lesser the debtit can repay. <div type="image" title="ril share price (1)." msid="75518412" hostid="261" caption="&amp;lt;p&amp;gt;RIL is expected to use the money received from subscriptions to the rights issue to repay debt. So, the lesser it makes, lesser the debt&amp;lt;strong&amp;gt; &amp;lt;/strong&amp;gt;it can repay.&amp;lt;/p&amp;gt;"></div> What if the share price falls and shareholders don't subscribe to the rights issue? "The promoter and promoter group of the company have confirmed they will subscribe to the full extent of their aggregate rights entitlement. In addition, they will also subscribe to all the unsubscribed shares in the Issue,” Reliance Industries said in a statement. This means, Mukesh Ambani and his family, who own roughly 50% of RIL will subscribe to all the shares they can under the proposed rights issue, which means the promoters will have to cough up about ₹26,500 crore. They will also have to fill in for any shortfall in demand for rights from other shareholders. Lesser the subscription, more money the promoters will have to put in. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retails-operating-profit-grows-nearly-20-in-the-latest-fourth-quarter/articleshow/75474722.cms">Reliance Retail’s operating profit grows nearly 20% in the latest fourth quarter⁠⁠</a> <a href="https://www.businessinsider.in/stock-market/news/tech-mahindra-shares-are-cheap-despite-the-earnings-disappointment-says-a-research-report/articleshow/75515809.cms" data-type="tilCustomLink" target="_blank">Tech Mahindra shares are cheap despite the earnings disappointment, says a research report</a> <a href="https://www.businessinsider.in/business/news/hul-fourth-quarter-earnings-report-volume-growth-and-share-price-chart/articleshow/75472021.cms">HUL fourth-quarter volume growth down 7%, profit falls 1%, India sales slide 9% ⁠— as COVID-19 strikes India’s largest consumer firm</a>

Here's how Reliance Industries right issue may affect the share price

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> will hear SEBIs petition, in an open court, seeking review of its August 5 judgment, which directed the market regulator to share certain documents with Reliance Industries Limited (RIL). A bench headed by Chief Justice U.U. Lalit and comprising Justices J.K. Maheshwari and Hima Kohli said: "Considering the facts and circumstances on record and the submissions advanced in the review petition, we deem it appropriate to allow application for listing of the instant petition in open court. Let this review petition be listed in court on October 12, 2022." <keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> has refused to entertain RIL's request to share the privileged documents on the grounds that under the Sebi (Settlement Proceedings) Regulations, the accused company has no right to seek information from it. The <keyword id="6356229" type="General" weightage="80" keywordseo="apex-court" source="Orion">apex court</keyword>, in its judgement, had rejected this stand of the market regulator. RIL had claimed that documents will exonerate it and its promoters from criminal prosecution initiated in a case related to the alleged irregularities in acquisition of its own shares between 1994 and 2000. Last week, a bench headed by Justice Sanjiv Khanna had recused from hearing RIL's petition seeking to initiate contempt proceedings against SEBI for failing to provide certain documents to the company. On August 5, a bench led by then Chief Justice N.V. Ramana had said: "The approach of SEBI, in failing to disclose the documents, also raises concerns of transparency and fair trial. Opaqueness only propagates prejudice and partiality. Opaqueness is antithetical to transparency." The top court had said the market regulator should show fairness and furnish documents sought by RIL, and SEBI has a duty to act fairly, while conducting proceedings or initiating any action against the parties. RIL filed a contempt petition as SEBI has not shared three documents -- the two legal opinions by former apex court judge B.N. Srikrishna and former ICAI president Y.H. Malegam's report which examined the irregularities. The company claimed SEBI cannot continue to resist the production of these documents and it had also sent a notice to the regulator saying if documents were not received by August 18, then it will establish that SEBI does not want to comply with the apex court's judgment. In 2002, Chartered Accountant S. Gurumurthy filed a complaint with SEBI alleging irregularities by RIL, its associate companies and their directors/promoters, including <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> and his wife, Nita; <keyword id="9171" type="General" weightage="80" keywordseo="anil-ambani" source="Orion">Anil Ambani</keyword> and his wife, Tina; and 98 others. The complaint cited the issue of two preferential placement of non-convertible debentures in 1994. SEBI had alleged that RIL along with Reliance Petroleum had circuitously funded the acquisition of its own shares in violation of the Sections 77 and 77A of the Companies Act, 1956. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/sebi-tightens-disclosure-norms-for-ipo-brings-mutual-fund-transactions-under-the-gambit-of-insider-trading-rules/articleshow/94577801.cms">SEBI tightens disclosure norms for IPOs, brings mutual fund transactions under the gambit of insider trading rules</a> <a href="https://www.businessinsider.in/tech/news/jio-will-launch-5g-for-the-entire-country-by-december-2023-mukesh-ambani/articleshow/94579338.cms">Jio will launch 5G for the entire country by December 2023: Mukesh Ambani</a>

SC to hear SEBI's review petition against RIL on Oct 12

New Delhi, Jun 11 () Billionaire Mukesh Ambani has got 5.52 lakh shares of his flagship firm Reliance Industries (RIL) in the just-concluded Rs 53,124 crore rights issue, according to the company's regulatory filing on Thursday. Ambani now holds 80.52 lakh shares or 0.12 per cent of RIL, up from 75 lakh shares held before the rights issue. His wife Nita and children Isha, Akash, and Anant too got 5.52 lakh shares each after they subscribed to the rights offering. They too hold 0.12 per cent each in the firm. In all, the promoter group got 22.50 crore shares in the rights issue, taking their shareholding in the firm to 50.29 per cent, marginally higher than 50.07 per cent earlier. Public shareholding marginally reduced to 49.71 per cent from 49.93 per cent, the filing showed. State-owned insurer Life Insurance Corporation (LIC) subscribed to 2.47 crore shares to take its shareholding to 37.18 crore or 6 per cent of the total equity of RIL. In all, public shareholders got 19.74 crore shares. Ambani's firm had on April 30 announced fundraising of Rs 53,124 crore by way of a 1:15 rights issue -- India's biggest and the first such issue by the firm in nearly three decades. One share was offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. The issue was over-subscribed 1.6 times, cumulating to an overall commitment of over Rs 84,000 crore. Shareholders paid only 25 per cent for subscribing to the rights issue, and the balance will have to be paid in two installments in May and November next year, the company had previously said. "Pursuant to the board approval, the company had, vide letter of offer dated May 15, 2020, issued 42.26 crore equity shares of the face value of Rs 10 each (rights equity shares) to the eligible equity shareholders at an issue price of Rs 1,257 per rights equity share (including a premium of Rs 1,247 per rights equity share)," the company said. The rights equity shares were issued as partly paid-up and an amount of Rs 314.25 per rights equity share was payable on application (of which Rs 2.50 towards face value of rights equity share and Rs 311.75 towards the premium amount of rights equity share). "The company has, today, on June 11, 2020, allotted 42,24,40,258 rights equity shares to the eligible applicants against the issue of 42,26,26,894 equity shares," it said. Issue of 1,86,636 rights equity shares has been kept in abeyance by the company, pursuant to an order passed by the special court constituted under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, it added. It did not give details of the legal case. ANZ ANZ ANS ANS

Mukesh Ambani gets 5.52 lakh shares in RIL rights issue; co allocates shares

<keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> has been given the go-ahead by the government to sell up to 1.2 lakh tonnes of <keyword id="6360114" type="ORGANIZATION" weightage="80" keywordseo="LPG">LPG</keyword> produced at its plants to private cooking gas marketers. 
 

	The LPG Control Order mandates that all cooking gas (LPG) produced locally must be supplied to state-run fuel retailing companies as India is deficient in LPG and has to import a part of the requirement. 
	 
	However, under the Parallel Marketing Scheme (PMS), private companies are allowed to import and market LPG to bulk consumers. 
 

	RIL has been permitted to sell up to 10,000 tonnes per month to parallel LPG marketers, according to an oil ministry order. 
	 
	The approval, valid from April 1 to March 31, 2016, is, however, subject to RIL importing an equivalent quality and delivering to state-owned firm. 
	 
	
		"... RIL shall have to import the equivalent quantity and deliver it to public sector oil marketing companies (OMCs) at a price which makes this transaction cost-neutral or cheaper to OMCs vis-a-vis procurement of same quantity from domestic production by RIL," the order said. 
		 
		This arrangement would be valid till liquefied petroleum gas (LPG) import facility t Kandla Port in Gujarat is re-commissioned or March 31, 2016 or till further orders, whichever is earlier. 
		 
		
			There are a total of 183 parallel LPG marketers in the country. 
			 
			The government had in February last year asked RIL to stop retailing LPG produced in its Jamnagar, Hazira and Patalganga plants. 
			 
			
				The company has a vast network that supplies cooking gas to 1 million customers, mostly in rural areas, and 134 auto LPG outlets. 
				 
				
					RIL, the largest single location LPG producer in the country, had contested the ministry view saying rules do not mandate that all domestic LPG must be sold only to state firms. 
					 
					Also, it was selling domestic LPG in parallel market because state oil marketing firms were not willing to pay market rates. 
					 
					
						RIL's subsidiary <keyword id="3029415" type="UNKNOWN" weightage="80" keywordseo="LPG-Infrastructure-India-Ltd">LPG Infrastructure India Ltd</keyword> (LIIL) is undertaking parallel marketing of LPG and has substantial customers. It told the ministry that the move to prohibit the company from marketing gas would deprive its rural customers of the fuel. Its customers are mostly in rural areas of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. 
						 
						Following this, the Ministry on August 5, 2014 permitted RIL to sell up to 10,000 tonnes per month of LPG to parallel marketers till March 31, 202015. This has now been further extended till March next year. 
					 
					"Since the earlier notification... dated August 6, 2014 was expired on March 31, 2015, this notification is being issued with effect from April 1, 2015 to give continuity to the notification dated the August 6, 2014. No one is adversely affected by giving retrospective effect to this notification," the ministry order said. 
					 
					
						Image credit: Indiatimes

Government permits Reliance Industries to sell LPG to private marketers

New Delhi, Apr 28 () Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) will on Thursday consider a rights issue - the first such issue in nearly three decades - as it steps up efforts to pare debt. The Board of the country's largest company will meet on April 30 to consider and approve audited financial results of the firm for the quarter and year ended March 31 as also to recommend dividend, RIL said in a regulatory filing. It would also "consider a proposal to issue equity shares to existing shareholders on Rights basis, as may be permitted under applicable law, subject to such regulatory/statutory approvals, as may be required," the company said without giving details. The move comes within days of RIL agreeing to sell 9.99 per cent stake in its digital platform to Facebook Inc for USD 5.7 billion or Rs 43,574 crore. Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses while targeting to deleverage the balance sheet. At the end of December quarter, RIL had an outstanding debt of Rs 3,06,851 crore. It also had cash in hand of Rs 1,53,719 crore, bringing the net debt position to Rs 1,53,132 crore. Analysts expect dilution of at least 5 per cent through the rights issue. In other words, each shareholder will be entitled to apply for five new shares for every 100 shares held. This will help RIL raise about Rs 40,000 crore, assuming some discount to the current trading price. Typically, cash-strapped companies use rights issues to raise money when they really need it. In these rights offerings, companies grant shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. As part of its balancesheet deleveraging plans, RIL is talking to Saudi Aramco for selling a fifth of its oil-to-chemicals business for an asking of USD 15 billion and has sold half of its fuel retail venture to BP Plc for Rs 7,000 crore and telecommunication tower business to Brookfield for Rs 25,200 crore. But the crash in oil prices has created uncertainty over the timeline for the completion of the Aramco deal. On August 12, 2019, RIL announced that it has signed a non-binding letter of intent to sell a 20 per cent stake in its oil-to-chemical (O2C) business to Saudi Aramco. The O2C business, which has an enterprise valuation of USD 75 billion, includes RIL's refining and petrochemical divisions, and RIL's 51 per cent stake in its fuel marketing business. The company had sold a 49 per cent stake in its fuel marketing business in India to BP Plc for USD 1 billion. In July 2019, RIL announced the sale of its telecommunications tower business - which was already transferred to the investment infrastructure trust, InvIT, to Brookfield Asset Management Inc for Rs 25,200 crore. Together, proceeds from these transactions will result in a reduction in RIL's net debt. ANZ ANZ ANUANU

Reliance to consider rights issue, dividend on Thursday

New Delhi, Nov 20 () The National Company Law Appellate Tribunal(NCLAT) has allowed Reliance Industries to delist textile manufacturer Alok Industries, which it has acquired through insolvency process.
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has modified the order passed by the National Company Law Tribunal (NCLT), Ahemdabad, which denied such permission.
While approving Rs 5,052-crore bid of RIL for Alok Industries on March 8, 2019, the NCLT did not give its approval to RIL's plea for granting exemptions for delisting of Alok Industries' shares from the bourses. Later, RIL again sought permission, but was denied on July 26, 2019.
"The Appellant (RIL) is directed to comply with the plan forthwith," said the NCLAT.
The appellate tribunal observed that Securities and Exchange Board of India (Sebi) in its affidavit had also said that there is no requirement for permission of the market regulator for such delisting.
"In view of the specific plea taken by the 'SEBI' - 3rd Respondent, no further clarification is required. The 'Resolution Applicant' will act in accordance with the stand taken by the 'SEBI' and in accordance with law, if not yet taken.
"The order dated July 26, 2019 passed by the Adjudicating Authority (Ahmedabad Bench) stands clarified/modified to the extent above," the appellate tribunal said.
The NCLAT order came over a petition filed by RIL, challenging the NCLT order.
The NCLT in its order dated July 26, 2019 said: "that approval of this bench (NCLT) in respect of Face Value Reduction and the Promoter Capital Reduction is/are dispensed with, however the applicant shall approach to the Competent Authority(s) viz MCA and SEBI and any other competent authorities, as the case may be for necessary compliances".
As RIL relied on the Sebi amendment notification with regard to delisting of shares, the NCLAT had earlier on September 11 impleaded Sebi and on October 15 granted the regulator seven days to file a reply affidavit to make its stand clear about the amendment related to delisting of shares.
Last year, Sebi relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges.
In a notification, the markets regulator had said norms pertaining to delisting of equity shares would not be applicable to any entity that is getting delisted pursuant to a resolution plan approved under the IBC.
The notification was issued on June 1.
Alok Industries, a Mumbai-based textile company, was in the first list of 12 companies issued by the Reserve Bank of India in 2017 for initiation of insolvency process. KRH BAL

You Searched For "RIL rights record date" and got 14 results

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Mukesh Ambani gets 5.52 lakh shares in RIL rights issue; co allocates shares

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Reliance to consider rights issue, dividend on Thursday

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