On Monday, the partly paid-up rights issue shares of Reliance Industries began its first sale at Rs. 690 per share value on the NSE. The listing was with a 6.8 percent premium over Rs. 646.05, in the last close.
As reported by Money Control, the shares were quoting up by 3.93 percent at Rs 671.45, at 12.39 IST. This was after it hit an intraday high of Rs. 710.65 and low of Rs. 664.40, the new report said.
Earlier, the biggest rights issue by the company was worth Rs. 53,124 crore that closed on June 3. Thus, credited partly paid-up rights issue shares to qualified shareholders. Moreover, the rights issue was oversubscribed 1.6 times and got an overwhelming response from its investors. The total reached up to Rs. 84,000 crore on the last day of the issue.
The term partly paid-up rights issue shares is used as the investors paid for its first installment only Rs. 314.25 shares, followed by the other two installments in the next year. Briefly, the second and third installments will be paid by the investors in May 2021 and November 2021, respectively. Following which these fully paid shares will combine with the company’s existing fully paid-up shares.
Billionaire Mukesh Ambani and his family have acquired 38,39,278 partly paid-up rights shares. Thus, taking their shareholding from 0.84 percent to 0.85 percent at 5,60,01,426 shares. Further, his wife Nita along with children Isha, Akash, and Anant each got 5.5 lakh partly paid-up shares after their subscription to the rights proposal.
