Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. India
  4. NSE India Stock Exchange
  5. Reliance Industries Ltd
  6. News
  7. Summary
    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Reliance Industries : Statement of deviation or variation in the use of proceeds of Rights Issue

07/23/2021 | 12:08pm EDT

July 23, 2021

BSE Limited

National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers

Exchange Plaza, Plot No. C/1, G Block

Dalal Street

Bandra-Kurla Complex, Bandra (East)

Mumbai 400 001

Mumbai 400 051

Scrip Code: 500325 / 890147

Trading Symbol: RELIANCE / RELIANCEP1

Dear Sirs,

Sub: Statement of deviation or variation in the use of proceeds of Rights Issue

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that there is no deviation or variation in the use of proceeds, from the objects stated in the Letter of Offer for Rights Issue of the Company, dated May 15, 2020. A statement confirming that there is no deviation or variation in the utilisation of these proceeds, duly reviewed by the Audit Committee, is attached.

The entire funds raised by the Company through Rights Issue, including amount received during the quarter ended June 30, 2021, has been utilized for the objects stated in the Letter of Offer for Rights Issue of the Company, dated May 15, 2020.

Kindly acknowledge the receipt.

Thanking you,

Yours faithfully,

For Reliance Industries Limited

Savithri Parekh

Joint Company Secretary and

Compliance Officer

Encl.:as above

Copy to:

The Luxembourg Stock Exchange

Singapore Stock Exchange

35A boulevard Joseph II

2 Shenton Way, #19- 00 SGX Centre 1,

L-1840 Luxembourg

Singapore 068804

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India

Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail:investor.relations@ril.com, Website: www.ril.com

CIN- L17110MH1973PLC019786

Statement of Deviation/ Variation in utilization of funds raised

Name of listed entity

Reliance Industries Limited

Mode of Fund Raising

Rights Issue

Date of Raising Funds

June 7, 2021 (First Call)

Amount Raised

Rs. 26,495.67 crore (Refer note)

Report filed for Quarter ended

June 30, 2021

Monitoring Agency

Applicable

Monitoring Agency Name, if applicable

Axis Bank Limited

Is there a Deviation / Variation in use of

No

funds raised

If yes, whether the same is pursuant to

Not Applicable

change in terms of a contract or objects,

which was approved by the

shareholders

If Yes, Date of shareholder Approval

Not Applicable

Explanation for Deviation / Variation

Not Applicable

Comments of the Audit Committee after

No Comments

review

Comments of the auditors, if any

No Comments

Objects for which funds have been raised and where there has been a deviation, in the following table

Original

Modified

Original

Modified

Funds

Amount of

Remarks, if any

Object

Object, if

Allocation

allocation, if

Utilized

Deviation/

any

any

Variation for

the quarter

according to

applicable

object

Repayment/

Not

Rs.

-

Rs.

NIL

The total funds raised

prepayment of

Applicable

39,755.08

26,495.67

from the Rights Issue till

all or a portion

crore

crore

June

30,

2021 is

of

certain

Rs

26,495.67

crore

borrowings

including an amount of

availed by the

Rs

13,214.62

crore

Company

received

during

the

General

Not

Rs.

-

quarter

ended

June

corporate

Applicable

13,281.05

30,2021 (refer note)

purposes

crore

Deviation or variation could mean:

  1. Deviation in the objects or purposes for which the funds have been raised or
  2. Deviation in the amount of funds actually utilized as against what was originally disclosed or
  3. Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc.

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India

Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail:investor.relations@ril.com, Website: www.ril.com

CIN- L17110MH1973PLC019786

Note:

No of Equity shares

Price (in Rs.)

Amount

(Rs in crore)

Total Issue Size

42,26,26,894

1,257.00

53,124.20

The Rights Equity Shares were issued as partly paid-up and an amount of Rs. 314.25 per Rights Equity Share has been received on application (of which Rs. 2.50 towards face value of Rights Equity Share and Rs. 311.75 towards premium amount of Rights Equity Share).

The Board of Directors of the Company in their meeting dated March 26, 2021 have made the following two calls on the 42,26,26,894 partly paid-up equity shares issued on a rights basis:

  1. First call ("First Call") of Rs. 314.25 per partly paid equity share (including a premium of Rs. 311.75 per share), was payable from May 17, 2021 to May 31, 2021, both days inclusive. Provided, however, if a shorter period for payment of calls is permitted under law, then the period during which the first call money will be payable shall be such shorter period, commencing from May 17, 2021; and
  2. Second & final call of Rs. 628.50 per partly paid equity share (including a premium of Rs. 623.50 per share), is payable from November 15, 2021 to November 29, 2021, both days inclusive. Provided, however, if a shorter period for payment of calls is permitted under law, then the period during which the second & final call money will be payable shall be such shorter period, commencing from November 15, 2021.

Pursuant to the above, the First Call amount of Rs. 314.25 per partly paid equity share (including a premium of Rs. 311.75 per share), was payable from May 17, 2021 to May 31, 2021 with May 12, 2021 being the "Call Record Date". The Company thereafter allowed the shareholders who were yet to pay the First Call as of May 31, 2021 to pay the same without any interest initially up to June 10, 2021 and thereafter up to June 23, 2021. Post this date, shareholders were charged interest @ 8.00% p.a. computed from June 1, 2021 till actual date of payment of the First Call.

As of June 30, 2021, the total funds received from the Rights Issue is Rs. 26,495.67 crore including the collections towards First Call of Rs. 13,214.62 crore (excluding interest).

The entire funds raised by the Company through Rights Issue, including amount received during the quarter ended June 30, 2021, has been utilized for the objects stated in the Letter of Offer for Rights Issue of the Company, dated May 15, 2020.

For Reliance Industries Limited

Savithri Parekh

Joint Company Secretary

and Compliance Officer

Date: July 23, 2021

Place: Mumbai

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India

Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail:investor.relations@ril.com, Website: www.ril.com

CIN- L17110MH1973PLC019786

Disclaimer

Reliance Industries Ltd. published this content on 23 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2021 16:07:07 UTC.


© Publicnow 2021
All news about RELIANCE INDUSTRIES LTD
09/16Telecom Companies Welcome India's Relief Package for Embattled Sector
MT
09/15RELIANCE INDUSTRIES : Media Release by Reliance Jio Infocomm Limited, a subsidia..
PU
09/15RELIANCE INDUSTRIES : CLSA Investors Forum
PU
09/15RELIANCE INDUSTRIES : Jio Welcomes the Government of India's Reforms to Strength..
PU
09/15India announces measures to shore up telecoms sector; respite for Vodafone Id..
RE
09/15RELIANCE INDUSTRIES : Motilal Oswal Annual Global Investor Conference
PU
09/13Indian Indices Open the Week in Red; Coal India Jumps 4%
MT
09/13Indian shares slip as losses in Reliance outweigh Coal India gains
RE
09/13Indian shares slip as losses in Reliance outweigh Coal India gains
RE
09/13Indian shares fall as Reliance slides; retail inflation in focus
RE
More news
Analyst Recommendations on RELIANCE INDUSTRIES LTD
More recommendations
Financials
Sales 2022 6 519 B 88 715 M 88 715 M
Net income 2022 577 B 7 857 M 7 857 M
Net Debt 2022 17 775 M 242 M 242 M
P/E ratio 2022 28,0x
Yield 2022 0,34%
Capitalization 15 184 B 206 B 207 B
EV / Sales 2022 2,33x
EV / Sales 2023 1,98x
Nbr of Employees 236 334
Free-Float 50,4%
Chart RELIANCE INDUSTRIES LTD
Duration : Period :
Reliance Industries Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RELIANCE INDUSTRIES LTD
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 2 390,55 INR
Average target price 2 253,17 INR
Spread / Average Target -5,75%
EPS Revisions
Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
K. Sethuraman Group Secretary & Chief Compliance Officer
Savithri Parekh Joint Secretary & Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
RELIANCE INDUSTRIES LTD22.31%209 554
EXXON MOBIL CORPORATION35.42%236 317
CHEVRON CORPORATION15.24%188 208
BP PLC20.07%84 530
CHINA PETROLEUM & CHEMICAL CORPORATION12.68%81 630
NESTE OYJ-11.87%47 108