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Societe Generale buys 32.58 lakh RIL Rights Entitlement shares –

French investment bank Societe Generale has bought 32,58,300 Rights Entitlement shares of Reliance Industries (RIL RE) on May 20, the first day of its listing.

These shares were bought by Societe Generale at Rs 182.06 per share, as per bulk deals data available on the National Stock Exchange for May 20. On the contrary, The Bank of Newyork – GDR sold 1,02,54,269 RIL RE shares at Rs 187.31 per share.

RIL RE shares listed at Rs 158.05 per share on the National Stock Exchange against its previous closing price of Rs 151.90, the difference between its May 19 closing price of Rs 1,408.90 and the rights issue price of Rs 1,257.

The counter closed Day 1 at Rs 202.15, up 33.10 percent over its previous closing price after hitting an intraday high of Rs 212 (up nearly 40 percent). It traded with volumes of more than 2.91 crore RIL RE shares.

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The trading in RIL RE shares will continue till May 29 and the delivery will take place on a T+2 basis, which means shareholders who hold these shares in their accounts as of June 2 and who will pay the first installment of Rs 314.25 per share (out of Rs 1,257 per rights share) on June 3 will get partly paid-up rights shares by June 11. The same will be listed on June 12.

The Rs 53,125 crore rights issue is the biggest ever in India and by Reliance Industries. Meanwhile, the Reliance Industries stock closed strong at Rs 1,433.7, up 1.8 percent on May 20.

Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

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