RIL partly paid shares relist at Rs 1,570; trim discount to fully paid-up stocks
- The partly paid shares are tradable like any other security
- RIL had issued 42,26,26,894 equity shares of Rs. 2.50 face value last year after the completion of its Rs 53,124 crore rights issue
- Partly paid shares of RIL have been soaring higher since listing in June 2020
New Delhi: Reliance Industries’ partly paid shares relisted on the stock exchanges on Thursday and began trading at Rs 1,570 per share, after investors paid the first call amount, due last month. The scrip is trading at a discount of just Rs 619 per share to the full paid-up Reliance Industries stocks that trade at Rs 2,189 apiece. Reliance Industries Ltds share price is up 10% year to date, sitting near all-time highs.
Including the partial payment at the time of subscription, investors have now paid half the amount of the issue price of Rs 1,257, however, the value of scrip has crossed the issue price. Trading in the partly paid shares was halted in June at a price of Rs 982 apiece. Since then RIL stock has soared 14%.
The partly paid scrip had delisted at Rs 982 on May 10 when fully paid RIL share price was at Rs 1,926.20 apiece. Since then share prices of Reliance Industries had gone up 12.91 per cent or Rs 248.80 on NSE. At 10.26 am, the partly paid scrip was trading 0.76 per cent higher at Rs 1,560.45 against its derived previous closing value of Rs 1,546.50.
It is worth adding that the oil-to-telecom major had issued 42,26,26,894 equity shares of Rs. 2.50 face value last year after the completion of its Rs 53,124 crore rights issue. The company had opted for a unique payment structure for its rights issue, where investors who were allotted the shares paid Rs 314.25 at the time of subscription, followed by two further payments later.
The first of the other payments was due before May 31, 2021. The aggregate amount payable by these shareholders towards First Call was Rs 13,281.05 crore, of which RIL received Rs 13,150.70 crore representing around 99% of the due amount. RIL, in a statement issued on Wednesday, said that it has credited 41,77,93,830 -Rs 5- paid-up equity shares to investors on receiving the first call amount. The final call amount is due in November this year.
Partly paid shares of RIL have been soaring higher since listing in June 2020. Since then, the partly paid shares have skyrocketed around 127%. For the uninitiated, the partly paid shares are tradable like any other security. Investors who buy the partly paid shares will have to pay the balance amount as per the payment schedule and it will eventually get merged into fully paid shares post the payment of all the money.
The second and final call of Rs 628.50 per rights equity share will be payable from November 15, 2021 to November 29, 2021.
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