Reliance posts 37% drop in Q4 profit, announces Rs 53,125 cr rights issue

| | New Delhi
  • 0

Reliance posts 37% drop in Q4 profit, announces Rs 53,125 cr rights issue

Friday, 01 May 2020 | PTI | New Delhi

Oil-to-telecom conglomerate Reliance Industries on Thursday posted its biggest drop in quarterly net profit, even as it announced India’s largest rights issue and said the Saudi Aramco deal was on track and more strategic investors have evinced interest in buying a stake in its digital platform.

Net profit in January-March slipped 37 per cent to Rs 6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business. The profit was also down due to one-off spending. The company’s board approved a rights issue of Rs 53,125 crore, which it said was the biggest in India and the first by RIL in three decades. “The price of rights issue has been determined at Rs 1,257 per share and the share ratio at 1:15,” the company said in a statement.      

Sunday Edition

Exploring Pages of Possibility

25 February 2024 | Rajdeep Pathak | Agenda

Risks Lurk Behind The Glamour

25 February 2024 | Archana Jyoti | Agenda

DOCTORSPEAK | India's Over-the-Counter Topical Steroid Crisis

25 February 2024 | Dr Diksha Agrawal | Agenda

WHO: Nations must step up tobacco control measures

25 February 2024 | Saima Wazed | Agenda

Rhythm of the Ruins unveils emotional brilliance

25 February 2024 | Swarn Kumar Anand | Agenda

astroturf | Saraswati calls for being in harmony with all

25 February 2024 | Bharat Bhushan Padmadeo | Agenda