RIL PP makes sweeping debut
After the ‘procedural delays’ of 12th June, Reliance Industries Partly Paid (PP) shares from the rights issue got listed on the bourses today morning.
The PP shares made a very strong debut at Rs.684.90 and on the BSE at Rs.689 v/s previous close of Rs.646.05, a premium of almost 7%.
The company’s rights issue closed on 3rd June and PP shares were credited to the eligible shareholders. ,
These are PP shares wherein investors paid only Rs.314.25 in the first instalment – which means it is now trading at more than double that price on the BSE.
The balance has to be paid in two instalments – May 2021 investors have to pay another final Rs.314.25 and this in Nov’21 where they have to pay Rs.628.50. The fully paid shares will then be merged with RIL’s existing equity shares.