Khaitan & Co acted as the counsel in the Rights Issue of Reliance Industries Limited

Khaitan & Co acted as the counsel to the 14 Lead Managers in the Rights Issue of Reliance Industries Limited. 

This is the largest capital market transaction in terms of deal size in the Indian capital markets space and the largest rights issue in the world by a non-financial issuer in 10 years. With a syndicate of 14 Lead Managers, this is the largest syndicate of banks for a rights issue together.

Partner, Sudhir Bassi, who led the transaction team said, “We are proud to be associated with the rights issue by Reliance Industries Limited, the largest capital market transaction in India. This Issue has many first to its credit such as an online platform for submission of application, trading on rights entitlement in Demat mode on stock exchanges, investor reach out through innovative platforms such as AI-based chatbot, SMS, etc. We helped the Lead Managers and Company to navigate through all legal issues for these first-time initiatives. Further, this was the first issue to be completed fully in the digital platform, to overcome the constraints imposed by the COVID-induced lockdown. The Issue was completed in a very short span of time and is the only public equity market transaction launched and completed in COVID induced lockdown.”

Haigreve Khaitan, Partner, Khaitan & Co said, “It is always a pleasure to be a part of a Reliance Industries Limited transaction. True to their form, the Rights Issue too was pioneering in many ways and carries a significant upside for investors and value creation for the group. Being able to pull through the largest ever rights issue in the country by a non-financial issuer in these challenging times made it that much more special.”