Shares of Reliance Industries - Rights Entitlement (RIL - RE) opened 4% higher on Wednesday at Rs 158.05, as against the previous closing price of Rs 151.90 on the National Stock Exchange on May 20.
Rights Entitlement share price surged 39.53% and closed at an intraday high of Rs 211.60. The shares hit the low of Ra 152 during today's session.
RIL - RE share price is calculated from the difference between the last closing price of Reliance Industries at Rs 1,408.9 per share and the company's rights issue price of Rs 1,257.
While RIL - RE's upper price band for today's trading stood at Rs 212.65, lower circuit for the stock stood at Rs 91.15.
As per the FAQs, the last date for buying the Rights Entitlement shares would be May 29. Post this, claimed shares will be transferred to investors' account on June 2 (T+2), who can make a payment of the first installment by June 3, 2020.
"Eligible equity shareholders are requested to ensure that renunciation through off-market transfer is completed in such a manner that the Rights Entitlements are credited to the Demat account of the Renouncees on or prior to the issue closing date," Reliance added in a statement.
Meanwhile, shares of Reliance Industries closed 1.88% higher at Rs 1,434. Earlier RIL stock price gained 2.68% to Rs 1,445 compared to the previous close of Rs 1,408 on BSE.