Reliance Retail plans to raise Rs 4k crore via rights issue to fund expansion

MUMBAI: Reliance Retail plans to raise Rs 4,000 crore through rights issue to help fund expansion, especially at a time when global rivals Amazon and Walmart are increasingly threatening the dominance of the country’s biggest retailer.

The Reliance Retail board has agreed to offer 800 million non-cumulative optionally convertible preference shares (OCPS) of Rs 10 at a premium of Rs 40 per share worth Rs 4,000 crore to existing shareholders through rights issue, the company said in its filing with the Registrar of Companies this week.