Reliance Industries Ltd’s (RIL) partly paid rights issue shares made a strong debut on the exchanges on Monday listing at a premium. The shares got listed at Rs 690 on the NSE as against its intrinsic value of Rs 397 apiece. The intrinsic value is based on Friday’s closing price of Rs 1,589 and constitutes 25 percent of a fully paid-up RIL share.

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After opening, the rights issue shares soon hit the upper circuit of 10 percent at Rs 710.65. The rights issue shares were listed separately with a unique ISIN number IN9002A01024 and the scrip ID or Symbol will be RELIANCEPP on BSE and NSE.

At 9:50 am, these shares traded 5.87 percent higher at Rs 683.95 apiece as against Reliance Industries’ shares that were down 0.31 percent at Rs 1,583.90 on the NSE.

Under the rights issue, Reliance issued new shares at Rs 1,257 each to existing shareholders in a 1:15 ratio. The investors had to pay only 25 percent or Rs 314.25 per share at the time of application and will need to pay another 25 percent or Rs 314.25 in May 2021 and the remaining 50 percent or Rs 628.5 in November 2021, when the shares will turn into fully paid-up.

RIL’s rights issue closed with 59 percent oversubscription — a commitment exceeding Rs 84,000 crore from investors.

Earlier, RIL’s rights issue saw a whole new trading instrument in the form of Right Entitlements (REs) which earned premium valuation, liquidity and interest engaging quality investors. The REs were credited to the Demat accounts of eligible shareholders and were listed on stock exchanges between May 20 and May 29, 2020.

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