The Rs 53,124 crore rights issue of oil-to-digital major Reliance Industries (RIL) has been subscribed 158.8 percent as of 5.30 pm today.

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According to the data available on the stock exchanges, the issue subscription showed that the total bids received for RIL’s Rights shares stood at 67.11 crore overshooting the 42.26 crore shares on offer by 58.8 percent. The issue was opened for the subscription of shareholders on May 20 and closes on June 3.

Those subscribing to the rights shares by June 3 can expect allotment of partly-paid RIL shares by Thursday, June 11, 2020, in their demat accounts.

The BSE has received applications for 48.5 crore rights shares while the NSE has received applications for 5.64 crore rights shares. The non-ASBA bid quantity stands at 0.70 crore rights shares.

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.

According to data from Dealogic, the issue is the biggest in the world by a non-financial issuer in the last 10 years. The only other non-financial issuer close to the issue size is $7.002 billion issue by Bayer AG in June 2018.

Under the issue, RIL shareholders will get fresh shares of the company at a price of Rs 1,257 each and need to pay the amount over 18 months in three instalments – 25 percent on application by June 03, 2020, 25 pecent in May 2021 and 50 percent in November 2021, making the issue most investor-friendly.

The rights issue is a part of the company’s strategy of deleveraging its balance sheet to become a zero net debt company.

(Disclosure:

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First Published:Jun 3, 2020 8:19 AM IST