Mumbai, May 10 (IANS): Reliance Industries (RIL) has set May 14 as the 'record date' for the Rs 53,125 crore rights issue.

"The rights issue committee, constituted by the board of directors of the company, has, at its meeting held today (Saturday), fixed May 14 as the 'record date' for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue (eligible shareholders)," the company said in a regulatory filing on Saturday evening.

The rights issue opening and closing dates would be informed separately, it said.

On April 30, the RIL Board approved the rights issue of up to Rs 53,125 crore at Rs 1,257 per share. The rights entitlement ratio would be one equity share for every 15 equity shares held by eligible shareholders as on the record date.

The proposed rights issuance will be the first by RIL 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 time.