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:
- Deviation in the objects or purposes for which the funds have been raised or
- Deviation in the amount of funds actually utilized as against what was originally disclosed or
- 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:
- 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
- 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
Attachments
- Original document
- Permalink
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.