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Reliance Industries' rights issue share debuts at Rs 690

RIL Rights Entitlement (RIL RE) closed on May 29 with a 7% premium over its intrinsic value, which is the difference between RIL share price and Rights issue price of Rs 1,257

twitter-logoBusinessToday.In | June 15, 2020 | Updated 11:59 IST
Reliance Industries' rights issue share debuts at Rs 690
The rights issue shares of Reliance Industries were listed on the stock markets under the name of RELIANCEPP, with an ISIN number of IN9002A01024

Reliance Industries rights issue shares opened at Rs 690 per share in today's session on NSE against the base price of Rs 646. The stock hit an intraday high of Rs 710.65 and low of Rs 671.55.

On the BSE, it was trading at Rs 684.

The rights issue shares of Reliance Industries were listed on the stock markets under the name of RELIANCEPP, with an ISIN number of IN9002A01024

On June 11, the allotment of partly paid-up shares to the demat accounts of the shareholders was completed by RIL. "Effective from Monday, June 15, 2020, the new securities of Reliance Industries Ltd (Scrip Code: 890147) shall be listed and permitted to trade on the Exchange in the list of 'A' Group of Securities," BSE said.

The oil-to-telecom conglomerate's Rs 53,124 crore rights issue was India's largest-ever rights issue. The conglomerate ended the rights issue last week, which was subscribed 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore.

In the partially paid rights entitlement (RE), RIL has offered existing shareholders equity shares in the ratio of 1:15, that is, one new share for 15 held at a discounted price of Rs 1,257.

RIL Rights Entitlement (RIL RE) closed on May 29 with a 7% premium over its intrinsic value, which is the difference between RIL share price and Rights issue price of Rs 1,257.

The base price of Rs 646 was derived by adding the first installment of Rs 314.25 and Rs 331.80, which is the difference between Friday's closing price and rights price i.e. Rs 1,588.80- Rs 1,257.

RIL intends to use three-fourth of proceeds from the rights issue for repaying some of its borrowings, as per the offer document filed with exchanges.

Meanwhile, the stake of RIL's promoter  group has seen an increase after the closing of rights issue. The promoter group got 22.50 crore shares in the rights issue, taking the shareholding in the firm to 50.29 per cent, marginally higher than 50.07 per cent earlier, according to the June 11 exchange filing.

On the other hand, the public shareholding has slightly fallen from 49.93 per cent to 49.71 per cent after the rights issue, according to the data.

Meanwhile, RIL share price erased early gains and was trading 0.54% lower at Rs 1,580 on BSE.

RIL rights issue: Promoter group's stake in company rises to 50.29%

RIL rights issue shares to list on stock exchanges on Monday

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