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Wednesday, May 27, 2020

Reliance Industries shares gain nearly 3.5%; market cap surges above Rs 10 lakh crore

The scrip rose 3.40 per cent to Rs 1614.85 on the BSE, almost near its all-time high of Rs 1,617.80. During the process, the market capitalisation (m-cap) of RIL too rose above the Rs 10 lakh crore mark.

By: Express Web Desk | New Delhi | Updated: May 11, 2020 1:35:25 pm
At 1:05 pm, the m-cap of Reliance Industries (RIL) stood at 10,11,134.84 crore, according to the data available on the BSE. The stock was trading at Rs 1595.00, up 2.13 per cent from the previous close.

Shares of Reliance Industries (RIL) climbed 3.41 per cent to Rs 1,615 per share on the National Stock Exchange (NSE) during the intraday trade on Monday after the oil-to-telecom giant fixed May 14 as the record date for the company’s first rights issue in nearly three decades.

The scrip rose 3.40 per cent to Rs 1614.85 on the BSE, almost near its all-time high of Rs 1,617.80. During the process, the market capitalisation (m-cap) of RIL too rose above the Rs 10 lakh crore mark.

At 1:05 pm, the m-cap of RIL stood at 10,11,134.84 crore, according to the data available on the BSE. The stock was trading at Rs 1595.00, up 2.13 per cent from the previous close.

In an exchange filing to the BSE on Saturday, RIL has said that the company will notify the opening and closing dates for the rights issue separately.

“We inform you that the company has obtained in-principle approvals from BSE Limited and the National Stock Exchange of India Limited for the proposed rights issue of 42,26,26,894 equity shares,” RIL statement read.

Also Read | Explained: What the Jio deal means for Reliance and Facebook

RIL has set a price of Rs 1,257 per share for the rights issue with a ratio of 1:15. This would mean that one share will be offered for every 15 shares held, at Rs 1,257.

The recent rally in RIL shares has also been triggered on the back of a strategic stake sale in its Jio Platforms. The company has managed to raise Rs 60,596 crore from the Jio Platforms stake sale to Facebook, Silver Lake, Vista Equity Partners.

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