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Reliance Industries' Partly Paid Rights Issue Shares Surge 10% On Listing Day

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On Monday, shares partly-paid shares issued under Reliance Industries Limited's (RIL) mega rights issue made a strong market debut at Rs 690 at 10 am and later surged 10 percent to hit an intraday high of Rs 710.65 on NSE in morning trade. Meanwhile, fully-paid shares of RIL were trading 0.5 percent lower at around 10:30 am at Rs 1,580.25 apiece.

Reliance Industries' Partly Paid Rights Issue Shares Surge 10% On Listing Day
 

The previous close of the newly listed shares was determined as follows:

  • first installment of Rs 314.25 + difference between Friday's closing price and rights price, that is Rs 331.80 (Rs 1,588.80- Rs 1,257) = Rs 646.05.

The Rs 53,124 crore rights issue that was open between 20 May and 3 June, ended with a 1.6 times subscription. One share was offered to eligible shareholders for every 15 shares held in the company as on 14 May.

Equity shares of the face value of Rs 10 each will be issued at a price of Rs 1,257 per rights equity share, however, participating shareholders only had to pay 25 percent of the total amount at the time of subscription, that is: Rs 314.25 per rights equity share (face value Rs 2.50 + premium Rs 311.75).

The balance amount of Rs 942.75 per rights equity share is to be paid later that is: Rs 314.25 per share or 25 percent in May 2021 and Rs 628.50 or the balance 50 percent in November 2021.

The surge in listing price on Monday could also be attributed to the back-to-back deals announced by RIL with regard to stake sale in Jio Platforms to foreign investors. The Mukesh Ambani led conglomerate has secured ten deals for its digital arm in less than two months, selling over 22 percent of the stake for $13.72 billion.

Its list of investors includes Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.

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