RIL rights entitlement' sees massive demand in secondary market
Published On: Thursday, May 21, 2020 | By: Team KnowMyStock
Shareholders of RIL got a chance to cash in on the rights issue on 20th May, much before being allotted the new shares, or even the money moving out of their account. Thanks to the new trading avenue introduced by the Sebi, eligible shareholders of RIL were able to trade their ‘rights entitlement’ (RE) for an attractive price. Investors paid as much as Rs 212 to invest in the RE — akin to buying a permit to be eligible for participation in the Rs 53,125-crore rights issue.
Buying interest was huge, with nearly 32 million units changing hands. A total of 442.6 million shares are being offered; nearly half will be subscribed to by promoters, given they hold 50.07 per cent stake.
One RE will give an investor the option to subscribe to one RIL share in the rights issue, which opened simultaneously on Wednesday. On the first day, the issue was subscribed about 1 per cent. However, bulk of the subscription in any rights offering usually comes closer to the last day of the issue, which is June 3 for RIL.
Tags: RIL right issue
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