RIL partly-paid shares close nearly 5% high; rally 22% in 3 days1 min read . Updated: 22 Jun 2020, 04:46 PM IST
- 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
MUMBAI : Shares of Reliance Industries’ partly-paid (RIL PP) settled at ₹849.65 up 4.52% from its previous close on Monday. The scrip surged as much as 10% intraday to hit the upper circuit at ₹894.15 apiece in the BSE.
In the past three days, the shares of RIL PP have rallied 22%, after group chairman Mukesh Ambani said that RIL has become net debt-free company with ₹1.69 lakh crore worth investments from global investors and a rights issue in just two months. RIL PP shares have a face value of ₹2.5 each.
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.
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.
Shares of Reliance Industries Ltd fully paid shares, too, hit a lifetime high of ₹1,804.10, up 2.53% in the intra-day trade today. The stock price has rallied 11.68% in the past three trading days. It has jumped 100% from the recent low of ₹867.82 touched on March 23, 2020 as compared to 35 per cent rise in the benchmark S&P BSE Sensex.