Reliance Industries Plans Its First Rights Issue in Three Decades
- Sale would add momentum to push for paying down debt
- Chairman Mukesh Ambani has vowed to bring net debt to zero
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Reliance Industries Ltd., India’s largest company by market value, plans to sell shares to existing investors for the first time in about 30 years as the energy-to-technology conglomerate steps up efforts to pare debt.
The board of the Mumbai-based company will consider a proposal for the rights issue on April 30, when it announces its earnings for the quarter ended March 31, it said in a statement late Monday. The shares fell 1.8% as of 11:49 a.m. in Mumbai trading.