Reliance Industries share price rose in early trade as Mukesh Ambani-led conglomerate's Rs 53,125 crore crore rights issue opens today. The oil to telecom behemoth has raised Rs 3,600 crore via issue of 36,000 non-convertible debentures issued on private placement basis.
Share price of Reliance Industries gained 2.68% to Rs 1,445 compared to the previous close of Rs 1,408 on BSE. RIL stock has gained after 2 days of consecutive fall.
RIL share is trading higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.
On Nifty, the stock climbed 2.62% to Rs 1,446 compared to the previous close of Rs 1,409. Total 4.11 lakh shares changed hands on BSE amounting to turnover of Rs 58.49 crore.
Mukesh Ambani-led conglomerate Reliance Industries' (RIL) Rs 53,125 crore rights issue will open for subscription Wednesday.
Reliance has already raised Rs 67,194.75 crore by selling 14% stake in Jio Platforms to leading technology investors such as Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.
The rights issue opens amid the coronavirus-induced lockdown which has led to high volatility in the equity market. Sensex which saw its biggest crash (3,934 points) ever on March 23 to end at 25,981.24, made partial recovery to 33,717 on April 20, 2020. Since then, the index has lost 3,521 points to 30, 196 till date suffering high bouts of volatility.
By Aseem Thapliyal