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RIL share price gains 2% after firm raises Rs 84,000 crore through rights issue

RIL share price gains 2% after firm raises Rs 84,000 crore through rights issue

The issue of equity shares opened for subscription on May 20 and closed on June 3, after receiving a robust response from shareholders. It was subscribed 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore. The allotment of equity will take place on June 10

RIL stock price has risen 6.54% in one week, 9.3% in one month and 3.62% year-to-date RIL stock price has risen 6.54% in one week, 9.3% in one month and 3.62% year-to-date

Share price of Reliance Industries Ltd (RIL) was trading 2.2% higher in Thursday's early trade as the company achieved successful closure of India's largest-ever rights issue of Rs 53,124.20 crore, two days ahead of its closing on June 3.

The issue of equity shares opened for subscription on May 20 and closed on June 3, after receiving a robust response from shareholders. It was subscribed 1.59 times, cumulating to an overall commitment of over Rs 84,000 crore. The allotment of equity will take place on June 10.

Following the update, share price of RIL touched an intraday high of Rs 1577.3, rising 2.26% on BSE against the last closing value of Rs 1,542.

RIL stock price has risen 6.54% in one week, 9.3% in one month and 3.62% year-to-date. Reliance Industries share price is trading higher than 5, 20, 50, 100 and 200-day moving averages.

Market capitalisation of the stock stood at Rs 10.60 lakh crore as of today's session. The RIL stock has gained 7.37% in the last 4 sessions of consecutive gains.

"The rights issue saw huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign. The public portion of the rights issue was subscribed 1.22 times," RIL said.

Reliance Industries Rights Entitlement (RE) closed at Rs 223 per share on May 29, up 41 per cent against its May 20 listing price of Rs 158 and about 47 per cent from its closing price before the listing. The rights shares are expected to be listed on the BSE and NSE on or around June 12, 2020, under separate ISIN.

Expressing views on the success of the RIL rights issue, Chairman and MD Mukesh Ambani said, "I express my sincere thanks to our dear and esteemed shareholders for participating in this Rights issue and making it a new and proud landmark in the history of India's capital market."

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

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