Reliance stock up 2 pc, nears record high after rights issue
Jun 04, 2020
Mumbai (Maharashtra) [India], June 4 : Shares of Mukesh Ambani-led Reliance Industries Ltd (RIL) traded higher by 2 per cent during the afternoon on Thursday after the company said it has received an overwhelming response to its rights issue worth Rs 53,124 crore which was subscribed 1.59 times.
At 12:30 pm, the scrip was trading 2.01 per cent higher at Rs 1,573.40 per unit. However, the S&P BSE Sensex was down by 366 points or 1.07 per cent at 33,743.
In the past four trading days, the stock has reportedly rallied 7 per cent. It was 2 per cent away from its lifetime high level of Rs 1,603 on December 20, 2019.
The company has achieved successful closure of India's largest-ever rights issue of Rs 53,124.20 crore. It was subscribed about 1.59 times cumulating to an overall commitment of over Rs 84,000 crore.
"The rights issue saw a 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 in a press release.
The allotment of equity shares will happen on or around June 10, 2020. The rights shares are expected to be listed on the BSE and NSE on or around June 12 under a separate International Securities Identification Number (ISIN), it said.
