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Language | Updated: 28 May 2020, 10:30:00 PM IST
Mumbai, May 28 (Reliance) Reliance Industries' Right Entitlement (RIL-RE) traded a record volume on Thursday in the demat business and saw the price jump by over 23 percent. RIL-RE dealings took place the day before the business ended. This is the highest single day trading since RE commenced on 20 May. On Thursday, the RIL-RE volume rose above the Reliance Industries stock volume. 1.92 crore shares of RIL were traded on the National Stock Exchange. The price also rose with the increase in RIL-RE volume. The volume-weighted average price (VWAP) of RE stood at Rs 221.51, 23.2 percent higher than the previous close. This is the fastest ever in a day. RIL-RE's premium with volume and price also remained higher than the actual price. The real value of RIL-RE is the difference between the share closing price and the right issue price. On Thursday, RIL's share stood at Rs 1,472.25 while the right issue was valued at Rs 1,257. In this context, the RIL-RE's fundamental price (the difference between the share price and the right issue price) becomes Rs 215.25. The closing price of RE was Rs. 229.8. Thus the premium stood at Rs 14.50. This is higher than Wednesday's Rs 12.95. Throughout the six-day trading period, RIL-RE traded at a premium to their actual value. This reflects investors' interest in RIL-RE. Reliance Industries Ltd. The rights entitlement business of SAI started simultaneously with the opening of the rights issue. Friday is the last day for buying and selling RE in BSE and NSE. RIL, a diversified business ranging from petroleum to telecom, has announced a Rs 53,125 crore rights issue. This rights issue opened for shareholders to buy last week. This is the first rights issue in which eligible shareholders have received share eligibility evidence in demat form only. It can be traded in the stock markets.
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