The entitlement ratio had been pegged at 1:15 (i.e. one equity share for every fifteen shares held) for shareholders as on May 14 (record date). The company issued shares at a price of Rs 1,257 per share (Rs 314.25- paid on application, Rs 314.25 to be payable on the first call i.e. in May 2021 and Rs 628.50 on second and final call in November 2021).
“422.44 million equity shares of Rs 10 each partly paid-up of Rs 2.50 issued on rights basis shall be listed and permitted to trade on the Exchange in the list of ‘A’ group of securities effective from Monday, June 15, 2020,” BSE said in a notice.
The brokerage firm KRChoksey expects RIL stock to appreciate at 25 to 30 per cent compound annual growth rate (CAGR) over the next 3-5 years. RIL rights shares are becoming an attractive investments proposition as investing at an expected listed price of Rs 600, could give a return on investments (ROI) of more than 60 per cent when it appreciates to a projected price of Rs 1,000 in next 9-12 months against the projected price of Rs 2,000 fully paid up RIL, then.
At 02:24 pm, RIL was trading 2.3 per cent higher at Rs 1,574 on the BSE, as compared to a 0.05 per cent rise in the S&P BSE Sensex. Around 13.2 million equity shares changed hands on the counter on the NSE and BSE till the time of writing of this report.