On Thursday, investors cut silver heavily in the purchase of rights entitlement (RE) of Reliance Industries’ rights issue. Reliance RE traded a total of 3.4 crore shares in the stock market on Thursday. This is the highest number of shares traded in Reliance RE in a day. Today is the last day of business at Reliance RE. The business started on 20 May.
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The volume wed average price (VWAP) of Reliance’s rights entitlement in the stock market touched new heights. VWAP stood at 221.51 on Thursday. It was recorded 23.2 percent higher than the previous day’s trading price. This is the biggest jump in Reliance’s RE price. So far, 11.1 million shares have been traded, valued at 2,150 crores.
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The rights issue of Reliance is going to close on June 3, while the trading in RE will be done by tomorrow. These will be final settled after the closure of RE, after which the investor has to pay 25 percent of the first installment of Rs 1257 to Rs 314.25 on June 3. After the allotment and after crediting the shares to the shareholder’s account by June 11, the business will commence from June 12 in a partially paid right issue from June 12. Reliance is offering 15 shares under a share rights issue. Of the remaining 75 percent, 25 are to be paid in May next year and the remaining 50 percent in November.