The partly paid up rights shares of Reliance Industries will list on the exchanges on June 15. The issue which received an overwhelming response and is expected to see a strong listing in the range of Rs. 650-700.
The company in a span of just 1.5 months cracked seven deals from marquee investors.
"We are expecting a 5-7 percent premium for partly paid-up rights share. We remain constructive on Reliance Industries and recommend hold rating," Vineeta Sharma, Head of Research at Narnolia Financial Advisors told a leading online business portal. .
"Taking into considering the closing price of Rs 1,572 (June 10, 2020) and the present value of remaining two installments of rights shares, the listing price should be Rs 697 (1,572-875)," Manali Bhatia, Senior Research Analyst at Rudra Shares & Stock Brokers said.
The company's rights issue was over-subscribed 1.59 times and received bids totaling to Rs. 84000 crore.
According to Prashanth Tapse, AVP Research at Mehta Equities, Reliance partly paid-up rights shares could list in the range of Rs 600-650. "Listing price is equal to Rs 315 (the difference between current price of Rs 1,572 minus Right issue price Rs 1,257) plus first call partly payment of Rights Rs 314.25, i.e. Rs 629.25 approximately."