In a dull market, the partly paid up shares of Reliance Industries Ltd (RIL) listed at a sharp premium of around 100 per cent based on the amount received by the company so far on the shares. The listing of these shares was on the back of the company's ₹53,000 crore rights issue, which is India’s largest primary market fund mop-up so far in capital markets. No rights issue has received such a response for its sheer size.

Nifty and Sensex were trading lower by around 2 per cent after more than three hours of market opening but RIL’s partly paid up shares were up by around 6 per cent. The RIL partly paid up shares were trading at ₹684 on the BSE and NSE. The share price of RIL was marginally lower at ₹1,577. The stock price is at its yearly high levels.

RIL’s rights issue, the biggest in India, closed on June 3. The shares are called partly paid up as investors have paid only ₹314.25 in the first instalment to acquire each share of RIL. The remaining two instalments, second of ₹314.24 will have to be paid by investors in May 2021 and last of ₹628.50 in November 2021. After these are paid, the shares will be merged with RIL’s existing fully paid-up shares.

RIL has caught the fancy of streets as the company recently saw a slew of investments by marque global investors amounting to more than ₹1 lakh crore or nearly $15 billion in just over a month, which is India’s largest foreign direct investment in any company.

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