The ₹53,125 crore rights issue of Reliance Industries Ltd (RIL) was completely subscribed on Monday, two days ahead of the last day of the share sale.

As of 6pm on Monday, the rights offering was subscribed 1.1 times, showed data from stock exchanges. The offer, which opened on May 20, comprises of a sale 422.63 million equity shares.

RIL has offered existing shareholders one new share for 15 held at a discounted price of ₹1,257.

On Monday, shares of RIL closed at ₹1,520.45 up 3.77% from its previous close, while the benchmark index, Sensex gained 2.71% to close at 33,303.52 points.

With the rights issue getting completely subscribed, RIL will move closer to its plan of becoming a zero net debt company by March next year. RIL’s net debt stood at ₹1.53 lakh crore as of 31 December.

The rights issue, along with the multiple stake sales in its Jio Platforms business, are an integral part of the debt reduction plan.

Jio Platforms has already attracted investments of $10 billion in just a month from marquee investors comprising Facebook Inc., KKR & Co., Silver Lake, Vista Equity Partners and General Atlantic.

Investors who subscribe to the rights issue have to pay 25% of the total subscription amount and the balance in two instalments in May 2021 and November 2021 respectively.

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