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Rights issue helps RIL reclaim Rs 10 lakh crore m-cap

(File photo)

MUMBAI: Reliance Industries on Thursday reclaimed Rs 10 lakh crore market-capitalisation mark after its shares surged over 2.4 per cent on the back of the success of the rights issue.
RIL closed at Rs 1,579.95 on the BSE, a gain of Rs 37.50 or 2.43 per cent over the previous day close.
This took the m-cap past Rs 10 lakh crore – Rs 10.01 lakh crore to be precise, according to stock exchange data.
The stock traded at this level last on May 11, 2020.
The oil-to-telecom conglomerate on Wednesday closed a Rs 53,124 crore rights issue, India’s largest ever, with an oversubscription.
Since lockdown was announced on March 24, RIL has generated 67.5 per cent returns for its shareholders, more than double the 28.6 per cent returns generated by the benchmark Nifty-50.
The firm on April 22 announced Facebook buying a 9.99 per cent stake in Jio Platforms for Rs 43,574 crore. The share has since risen by 15.9 per cent.
The rights issue, which closed in 34 days with investor commitments exceeding Rs 84,000 crore, was the largest issue globally among non-financial companies in the last 10 years.
RIL share gained 7.8 per cent in these 34 days, as against 1.7 per cent rise in Nifty-50, according to stock exchange data.

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