Reliance Industries’ partly paid shares relisted on the stock exchanges today and began trading at Rs 1,570 per share, after investors paid the first call amount, due last month. The scrip now trades at a discount of just Rs 619 per share to the full paid-up Reliance Industries stocks that trade at Rs 2,189 apiece. 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 last month at a price of Rs 982 apiece. Since then RIL stock has soared 14%.
The oil-to-telecom conglomerate 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. RIL 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 yesterday, 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 Reliance Industries have been soaring higher since listing last year in June. Since then the partly paid shares have skyrocketed 127%. 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. Reliance Industries Ltd share price is up 10% year to date, sitting near all-time highs.