The 1992 Reliance twin issues drew an overwhelming response. Long queues of investors could be seen waiting outside distribution centers and banks in Bombay.
Image Courtesy: Reliance Industries Limited.
Reliance shares were traded in the market as 'Dhirubhai'. Nobody was too small to invest in Reliance. Shri Dhirubhai Ambani would ask their domestic servants to buy Reliance shares for which he would lend them Rs 5,000 each and invest it in Reliance on their behalf. Eventually, he convinced close to 4 million Indians to invest their hard-earned money in Reliance. Here is a Reliance share priced at Rs. 10 in 1992.
Image Courtesy: Reliance Industries Limited.
In 1977, in order to scale up its operations, funds were needed. Unwilling to face red tape from banks, Reliance reached out to the public. Its first public issue was oversubscribed seven times, to the complete astonishment of trade analysts. Small investors now became the backbone of the company.
Image Courtesy: Reliance Industries Limited.