• Tuesday, June 28, 2022


India’s Reliance completes massive $7 billion rights issue

By: Sarwar Alam

India’s telecom-to-oil giant Reliance Industries on Wednesday completed a massive $7 billion rights issue in what it touted as the world’s biggest by a non-financial institution in a decade.

Reliance, owned by Asia’s richest man Mukesh Ambani, had said the fundraising drive was meant to pay down debt and help shift the company to a digital future.

The firm said in a statement late Wednesday the rights issue was subscribed 1.59 times and attracted “huge investor interest”.

The successful rights issue was a “vote of confidence, by both domestic investors, foreign investors and small retail shareholders, in the intrinsic strength of the Indian economy”, Ambani said in a statement.

In April, Facebook took a $5.7 billion stake in the Mumbai-based firm’s Jio digital platforms in one of India’s biggest foreign investments.

Eastern Eye

Related Stories

Eastern Eye


Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…