Billionaire promoter Ambani-led Reliance Industries Ltd (RIL) on Saturday said it will open its Rs 53,215 crore rights issue for subscription on 20 May, according to a stock exchange filing.

The rights issue will close on 3 June, the stock exchanges filing said.

As part of the proposed rights issue, shareholders of RIL will be offered one new share for every 15 held at ₹1,257 apiece. This is the first rights issue by India’s most valuable firm in three decades.

The issue will be structured as partly paid shares and will enable shareholders to phase out the outlay on their investment over a period of time.

This was approved by the Rights Issue Committee of the board of directors at a meeting held on Friday. The letter of offer will be filed with BSE, NSE and the Securities and Exchange Board of India (SEBI).

The abridged letter of offer, application form of rights issue and rights entitlement letter will be sent to the eligible equity shareholders of the company.

The payment terms will be 25 per cent on application and balance in or more calls.

On application, the shareholders will pay Rs 2.50 on face value and Rs 311.75 on premium, totalling to Rs 314.25 per rights equity share. The remaining Rs 942.75 will be payable in one or more subsequent calls as determined by the board of directors from time to time.

“New Reliance for a New India” is the pitch for Reliance Industries Limited (RIL) in a corporate presentation sent to stock exchanges on Friday in the run up to its mega rights issue.

The new messaging follows RIL’s new positioning now as a technology/consumer company with Jio at the forefront of attracting marquee investors like Facebook.

RIL is now at the beginning of a new and unprecedented wave of wealth creation for India by harnessing the power of new technologies to fire its diverse growth engines, the presentation said.

The “New Reliance” story has a combination of ideas including the pitch that RIL is the best proxy for India’s consumption-driven and tech-propelled growth story.

It has highlighted the fact that there is hyper-growth of consumer businesses along with a strong O2C platform, robust and high quality balance sheet to be sustained by strong cash flow generation and its track record of significant value creation for shareholders and ongoing re-rating of the stock.

RIL has attracted significant recent investments from leading global strategic and financial investors and tech led growth to drive next phase of value New India.