RIL PP now more valuable than Tata Steel, Grasim, Zee

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New Delhi, July 14 (IANS) Shares of Reliance Industries' partly-paid (RIL PP) on Tuesday completed one month of trading and in this short period has created 3.3 times value for investors.

The shares closed at Rs 1,041.65 on NSE on July 14, 2020 over the subscription price of Rs 314.25 within a month of trading.

The market value of the 42.26 crore RIL PP stood at Rs 44,020 crore ($5.8 billion) on Tuesday.

Anecdotally, nine NIFTY50 companies, Vedanta (Rs 41, 800 crore), Tata Steel (Rs 41,181 crore), Grasim Industries (Rs 40, 212 crore), Bharti Infratel (Rs 39,138 crore), Hindalco Industries (Rs 37,996 crore), IndusInd Bank (Rs 36,425 crore), UPL Limited (Rs 33,597 itself), Tata Motors (Rs 33,345 crore), Zee Entertainment Enterprises (Rs 16, 679 crore) enjoyed a lower market cap than this new darling of stocks at market closure today.

Reliance Industries issued 42.26 crore new shares under its rights issue concluded on June 3 at Rs 1,257 each. As the investors had to pay 25 per cent or Rs 314.25 per share to subscribe them, these shares were listed separately under 'ReliancePP' symbol on June 15.

The ReliancePP debuted at Rs 690 on June 15, 2020. It has gained 50.9 per cent in last one month from the debut price.

RIL's market capitalisation crossed $ 150 billion on June 19. It further crossed $ 160 billion on Monday, July 4, and hit $170 billion on Monday, July 13, ? thus adding $20 billion market value within three weeks.

Reliance recently announced investments of Rs 18,318.45 crore in Jio Platforms by 13 marquee global investors over a period of just 11 weeks. The combined capital raised has no precedence globally in such a short time.

Reliance became net debt-free on June 19, 2020, following the capital raising initiatives in JioPlatforms and the Rights Issue.

--IANS

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