Reliance Industries Ltd's (RIL) rights entitlement shares rallied over 16 percent intraday on Thursday, extending gains for the second consecutive day.
Reliance Industries Ltd's (RIL) rights entitlement shares rallied over 16 percent intraday on Thursday, extending gains for the second consecutive day. The RIL RE shares opened at Rs 212 as against the previous day close of Rs 202.15.
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Earlier in the day, the shares hit a day's low of Rs 190.25. However, it gained momentum and touched an intraday high of Rs 235 on the National Stock Exchange.
At 2:45 pm, the shares was trading 15.83 percent or Rs 32.00 higher at Rs 234.15 over its previous close of Rs 202.15. On Wednesday, the shares had ended 31 percent higher.
Heavy volumes were seen with close to 1.1 crore shares changing hands on the RE platform. The trading price band for the day has been fixed at Rs 121.30 on the lower end and Rs 283 on the upper end. The trading in RE will close on May 29.
RIL stock also traded 0.45 percent higher at Rs 1,440.20 on the NSE.
The RIL’s rights issue will close on June 3, 2020. RIL shareholders will have to pay only 25 percent for subscribing to the company's rights issue and the balance will have to be paid in two installments in May and November next year, the company said.
At Rs 1,257 per share, subscribers will have to pay Rs 314.25 now, which is 25 percent of the total amount. Balance payment has to be made in two tranches in May and November next year.
After allotment and credited shares by June 11, the partly paid up rights shares will start trading on exchanges with effect from June 12.
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