RIL partly paid-up shares jump on debut

Reliance Industries (RIL)'s partly paid-up shares listed on exchanges on Monday (15 June) at a premium.

As of 11:59 am, RIL shares were down 0.93% at Rs 1574 while its partly paid-up shares (ReliancePP) were trading at Rs 675.80. It hit an intraday high of Rs 710.65 on the BSE. ReliancePP opened at Rs 689 on BSE.

RIL issued 44.26 crore partly paid-up shares with face value of Rs 2.5 per share under the rights issue at Rs 314.25 per share. The Rs 53,124 crore rights issue, which opened for subscription on 20 May 2020, concluded on 3 June and garnered 1.6 times subscription. RIL issued shares at Rs 1,257 apiece in the rights issue. The entire payment has to be paid in three tranches. The holders of the partly-paid up shares will have to pay second installment of Rs 314.25 in May 2021 and the balance Rs 628.5 in November 2021. RIL's partly-paid up shares will be converted to fully-paid up shares in November 2021.

Meanwhile, RIL on Saturday (13 June) said global alternative asset firm TPG will invest Rs 4,546.80 crore in Jio Platforms for a 0.93% stake and L Catterton, one of the world's largest consumer focused private equity firms, will invest Rs 1,894.50 crore in Jio Platforms for a 0.39% equity stake.

With this investment, Jio Platforms has raised Rs 104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since 22 April 2020.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.

On a consolidated basis, RIL's net profit fell 37.2% to Rs 6,546 crore on 2.4% decline in net sales to Rs 1,36,240 crore in Q4 March 2020 over Q4 March 2019.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, telecom and digital services.

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