Reliance Industries capital raising plan could see the oil-to-telecom conglomerate fetch up to Rs 500 billion from the proposed rights issue. India's most valuable listed company, with a market capitalization of Rs 9.25 trillion, will consider a rights issue of equity shares in its board meeting scheduled for 30 April 2020.

The move could help Reliance Industries march towards realizing Ambani's goal of making the company a zero-net-debt firm by March next year. Currently, RIL has a gross debt of over Rs 3 trillion and a net debt of Rs 1.5 trillion.

Shares of the company declined Rs 2.2, or 0.15%, to settle  at  Rs 1,428.10.  The total volume of shares traded  was  1,301,548 at  the BSE (Tuesday).