MUMBAI: Reliance Industries' (RIL) partly paid shares, which were issued in the recent rights offer, on Monday listed on stock exchanges, with a 7% gain at ₹689 on the BSE.
The rights issue of RIL was subscribed 1.6 times. The issue was open for subscription from 20 May with a simultaneous rights entitlement (RIL RE) platform, which allowed shareholders freely trade their entitlements on a stock exchange for the first time ever.
At 11:10 am, the rights issue traded at ₹680.35, up 5.31% from its previous close, while shares of RIL were at ₹1,579.80, down 0.57%. The benchmark index, Sensex lost 1.48% to 33279.57.
RIL's rights issue is the largest such share sale in the history of Indian equity market. It issued shares at ₹1,257 apiece in the issue but the entire payment has to be made in three tranches.
The RIL rights issue allowed an existing shareholder to buy one new share for every 15 held. According to the terms of the offering, buyers will have to pay 25% of the price at the time of subscription, 25% in May 2021 and the rest in November 2021.
The new shares issued under the rights scheme were allotted on 11 June. Following the rights issue, the promoter holding in RIL has risen slightly from 50.07% to 50.29%, as per the data on the BSE.
