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RIL share price falls 2% ahead of rights shares listing

Mukesh Ambani has received 5.52 lakh partly paid-up equity shares in a mega Rs 53,124-crore rights issue.

June 12, 2020 / 10:09 AM IST
 
 
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Reliance Industries (RIL) share price fell 2 percent in the morning trade on June 12 as the company's partly paid-up rights shares are set to debut on bourses June 15.

Given the hefty fund raising in Jio Platforms from marquee global investors and tech companies such as Facebook, Silver LakeVista Equity PartnersGeneral AtlanticKKRMubadala and ADIA, many experts feel listing price will be in the range of Rs 650-700.

"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 Moneycontrol.

Reliance Industries' mega Rs 53,124-crore rights issue was subscribed 1.59 times and received bids worth Rs 84,000 crore on June 3.

Reliance Industries Rights Entitlement had closed on May 29 with 7 percent premium over its intrinsic value.

Also Read - RIL rights issue: Mukesh Ambani and family receive 38.39 lakh partly paid-up shares

Billionaire Mukesh Ambani has received 5.52 lakh partly paid-up equity shares in a mega Rs 53,124-crore rights issue, as per the company's BSE filing.

According to the latest shareholding pattern published on the exchange, Ambani now has 80.52 lakh equity shares (or 0.12 percent) of RIL, which increased from 75 lakh shares held before the rights issue.

His family, including himself, has received 38,39,278 partly paid-up rights equity shares, taking their total shareholding to 5,60,01,426 shares (0.85 percent), up from 5,21,62,148 equity shares (0.84 percent) held earlier.

At 09:36 hrs Reliance Industries was quoting at Rs 1,519.60, down Rs 17.90, or 1.16 percent on the BSE.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol.

Moneycontrol News
first published: Jun 12, 2020 10:00 am

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