Reliance goes public for the first time by announcing its IPO and raises Rs 2.8 crore (USD 3.28 million), thus ushering in the Equity Cult in India.
• Initial share price is Rs 10
• Issue oversubscribed seven times with 58,000 investors by the year end
• Receives approval for BSE listing of Reliance as Reliance Textile Industries Ltd.
Image Courtesy: Reliance Industries Limited.