Mumbai: Shares<\/a> of Reliance Industries - Rights Entitlement (RIL<\/a> - RE) climbed 40% on debut to widen the spread between the market price and rights issue<\/a> of each Reliance Industries share, telling potential long-term investors that they should buy into India’s most valuable company – especially because of the lower cash outgo immediately. 孟买:股票信实工业——权利的权利(瑞来斯- RE)上市首日上涨40%,扩大和市场价格之间的传播配股每个信实工业的份额,告诉潜在的长期投资者,他们应该买到印度最值钱的公司——尤其是因为较低的现金支出。
RIL-RE rose to ₹212 at the end of Wednesday’s trading on the NSE<\/a>, which amounted to ₹32 higher than the spread between RIL market price of ₹1,437.40 and the rights issue<\/a> price of ₹1,257. The rights issue is part of the sequenced deleveraging programme that seeks to extinguish about ₹1.60 lakh crore of net debt on the balance sheet.
About 32 million shares<\/a> of RIL-RE were traded on NSE<\/a> and BSE, compared with 27 million shares of the parent RIL. Delivery of RIL-RE is a must, which means 32 million rights out of 422.6 million offered were subscribed on the first day.
While global depository receipts (GDR) and exchange traded funds<\/a> (ETF) were the major sellers of RIL-RE on Wednesday, global long-only funds<\/a> were the major buyers, according to market participants. Global ETFs generally do not hold partly paid shares.
The market value of the rights issue share on Wednesday was ₹1,469 (₹1,257 plus ₹212). But investors with a long-term view on RIL stock would now have to pay only ₹526.25 (₹314.25 plus ₹212) to subscribe the rights issue shares, which would save about ₹100 per share, if considered a funding cost of 10% per annum.
This is first time in India that RE shares were allowed to trade after Sebi<\/a> introduced this concept in January.
If an investor buys RIL-RE shares on or before May 29, s\/he can claim the rights issue shares by paying the first instalment of 25% (₹314.25) on 3 June. Another 25% will be paid by the investor in May 2021 and the balance 50% i.e., ₹628.50 per share will be paid in November 2021 on-call by the company.
The valuation process to arrive at the fair value of the RE involves several assumptions. Theoretically, the intrinsic value of a rights issue equals the difference between the stock’s current market price and the price of the right issue. Based on the Wednesday’s closing stock price of RIL and the rights issue price of ₹1,257, the intrinsic value is ₹180.
Typically, REs trade at discount to the intrinsic value. However, RIL’s RE trades at a premium thanks to substantial interest from hedge funds and special situation funds. Market participants with long-term outlook will benefit from the staggered payment terms of the rights issue.
Reliance shareholders as on 14 May will receive one rights entitlement (RE) in their demat accounts for every 15 equity shares held by them. The REs will be in the form of temporary demat securities which will lapse if not renounced or exercised. Investors should renounce the REs on or before May 29.
![\"\"](\"\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Investors may renounce the REs credited to their respective demat accounts by way of an off-market transfer through a depository participant. Shareholders with less than 15 shares will be given preferential allotment if they apply for one rights share subject to availability.
<\/p><\/body>","next_sibling":[{"msid":75858774,"title":"Indian IT sees big wins as clients consolidate tech","entity_type":"ARTICLE","link":"\/news\/indian-it-sees-big-wins-as-clients-consolidate-tech\/75858774","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75858206","title":"RIL","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril","category_name":"RIL rights entitlement price surges 40% on strong investor demand","synopsis":"Investors may renounce the REs credited to their respective demat accounts by way of an off-market transfer through a depository participant. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-89734\/75858206.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril\/75858206"},{"msid":"75858800","title":"RIL","entity_type":"IMAGES","seopath":"telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril","category_name":"RIL rights entitlement price surges 40% on strong investor demand","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-320843\/75858800.cms?width=150&height=112","link":"\/image\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril\/75858800"}],"msid":75858786,"entity_type":"ARTICLE","title":"RIL rights entitlement price surges 40% on strong investor demand","synopsis":"The valuation process to arrive at the fair value of the RE involves several assumptions","titleseo":"telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand","status":"ACTIVE","authors":[{"author_name":"Rajesh Mascarenhas","author_link":"\/author\/15535\/rajesh-mascarenhas","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/15535.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":15535,"author_name":"Rajesh Mascarenhas","author_seo_name":"rajesh-mascarenhas","designation":"Senior Assistant Editor","agency":false}},{"author_name":"Ashutosh Shyam","author_link":"\/author\/479235108\/ashutosh-shyam","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479235108.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479235108,"author_name":"Ashutosh Shyam","author_seo_name":"ashutosh-shyam","designation":"Editor","agency":false}}],"analytics":{"comments":0,"views":210,"shares":0,"engagementtimems":1050000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/articleshow\/75858786.cms"},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2020-05-21 08:26:50","lastupd":"2020-05-21 08:28:21","breadcrumbTags":["ril shares","Shares","rights issue","nse","ril","RIL right issue","funds","Industry","sebi"],"secinfo":{"seolocation":"telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand"}}" data-authors="[" rajesh mascarenhas","ashutosh shyam"]" data-category-name="" data-category_id="" data-date="2020-05-21" data-index="article_1">
RIL-RE年底升至212年₹周三的交易分析了无,这相当于₹32高于瑞来斯之间的利差1437 .40₹和市场价格配股₹价格1257。配股是测序减债计划的一部分,旨在消灭约1.60₹十万的卢比的净负债的资产负债表。
尽管全球存托凭证(东德)和交易所交易基金(ETF)的主要卖家RIL-RE周三,全球只做多头的基金根据市场参与者的主要买家。全球etf通常不持有部分股份支付。
增发股票的市场价值周三₹1469(₹1257 +₹212)。但投资者的长远瑞来斯股票现在只需要支付₹526.25(₹314.25 +₹212)订阅供股股份,这将节省约₹每股100,每年如果考虑融资成本的10%。
这是第一次在印度再保险股价允许贸易后印度证券交易委员会1月份引入这个概念。
如果一个投资者购买RIL-RE股票5月29日或之前,他/她可以声称配股股份支付的第一期(314.25₹)6月3日的25%。另外25%将由投资者支付2021年5月,即平衡50%。,每股628.50₹将由公司支付2021年11月随叫随到。
估值过程到达的公允价值涉及几个假设。从理论上讲,增发股票的内在价值等于股票的当前市场价格之间的差异和价格的权利问题。基于股价周三收盘的1257年₹瑞来斯和配股价格,内在价值是₹180。
通常,REs贸易折扣的内在价值。然而,瑞来斯的再保险交易溢价由于大量对冲基金和特殊情况基金的兴趣。市场参与者与长期前景将受益于配股的交错的付款条件。
依赖股东5月14日将收到一个权利权利(RE) demat占每15所持有的股票。REs的形式将临时demat证券将失效,如果不放弃或行使。投资者应该放弃REs 5月29日或之前。
投资者可能会放弃REs记入各自demat场外转让的方式通过一个储蓄账户的参与者。股东有不到15股将获得优先分配如果他们申请一个权利分享的可用性。
读到
Mumbai: Shares<\/a> of Reliance Industries - Rights Entitlement (RIL<\/a> - RE) climbed 40% on debut to widen the spread between the market price and rights issue<\/a> of each Reliance Industries share, telling potential long-term investors that they should buy into India’s most valuable company – especially because of the lower cash outgo immediately.
RIL-RE rose to ₹212 at the end of Wednesday’s trading on the NSE<\/a>, which amounted to ₹32 higher than the spread between RIL market price of ₹1,437.40 and the rights issue<\/a> price of ₹1,257. The rights issue is part of the sequenced deleveraging programme that seeks to extinguish about ₹1.60 lakh crore of net debt on the balance sheet.
About 32 million shares<\/a> of RIL-RE were traded on NSE<\/a> and BSE, compared with 27 million shares of the parent RIL. Delivery of RIL-RE is a must, which means 32 million rights out of 422.6 million offered were subscribed on the first day.
While global depository receipts (GDR) and exchange traded funds<\/a> (ETF) were the major sellers of RIL-RE on Wednesday, global long-only funds<\/a> were the major buyers, according to market participants. Global ETFs generally do not hold partly paid shares.
The market value of the rights issue share on Wednesday was ₹1,469 (₹1,257 plus ₹212). But investors with a long-term view on RIL stock would now have to pay only ₹526.25 (₹314.25 plus ₹212) to subscribe the rights issue shares, which would save about ₹100 per share, if considered a funding cost of 10% per annum.
This is first time in India that RE shares were allowed to trade after Sebi<\/a> introduced this concept in January.
If an investor buys RIL-RE shares on or before May 29, s\/he can claim the rights issue shares by paying the first instalment of 25% (₹314.25) on 3 June. Another 25% will be paid by the investor in May 2021 and the balance 50% i.e., ₹628.50 per share will be paid in November 2021 on-call by the company.
The valuation process to arrive at the fair value of the RE involves several assumptions. Theoretically, the intrinsic value of a rights issue equals the difference between the stock’s current market price and the price of the right issue. Based on the Wednesday’s closing stock price of RIL and the rights issue price of ₹1,257, the intrinsic value is ₹180.
Typically, REs trade at discount to the intrinsic value. However, RIL’s RE trades at a premium thanks to substantial interest from hedge funds and special situation funds. Market participants with long-term outlook will benefit from the staggered payment terms of the rights issue.
Reliance shareholders as on 14 May will receive one rights entitlement (RE) in their demat accounts for every 15 equity shares held by them. The REs will be in the form of temporary demat securities which will lapse if not renounced or exercised. Investors should renounce the REs on or before May 29.
Investors may renounce the REs credited to their respective demat accounts by way of an off-market transfer through a depository participant. Shareholders with less than 15 shares will be given preferential allotment if they apply for one rights share subject to availability.
<\/p><\/body>","next_sibling":[{"msid":75858774,"title":"Indian IT sees big wins as clients consolidate tech","entity_type":"ARTICLE","link":"\/news\/indian-it-sees-big-wins-as-clients-consolidate-tech\/75858774","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75858206","title":"RIL","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril","category_name":"RIL rights entitlement price surges 40% on strong investor demand","synopsis":"Investors may renounce the REs credited to their respective demat accounts by way of an off-market transfer through a depository participant. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-89734\/75858206.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril\/75858206"},{"msid":"75858800","title":"RIL","entity_type":"IMAGES","seopath":"telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril","category_name":"RIL rights entitlement price surges 40% on strong investor demand","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-320843\/75858800.cms?width=150&height=112","link":"\/image\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/ril\/75858800"}],"msid":75858786,"entity_type":"ARTICLE","title":"RIL rights entitlement price surges 40% on strong investor demand","synopsis":"The valuation process to arrive at the fair value of the RE involves several assumptions","titleseo":"telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand","status":"ACTIVE","authors":[{"author_name":"Rajesh Mascarenhas","author_link":"\/author\/15535\/rajesh-mascarenhas","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/15535.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":15535,"author_name":"Rajesh Mascarenhas","author_seo_name":"rajesh-mascarenhas","designation":"Senior Assistant Editor","agency":false}},{"author_name":"Ashutosh Shyam","author_link":"\/author\/479235108\/ashutosh-shyam","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479235108.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479235108,"author_name":"Ashutosh Shyam","author_seo_name":"ashutosh-shyam","designation":"Editor","agency":false}}],"analytics":{"comments":0,"views":210,"shares":0,"engagementtimems":1050000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand\/articleshow\/75858786.cms"},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2020-05-21 08:26:50","lastupd":"2020-05-21 08:28:21","breadcrumbTags":["ril shares","Shares","rights issue","nse","ril","RIL right issue","funds","Industry","sebi"],"secinfo":{"seolocation":"telecomnews\/ril-rights-entitlement-price-surges-40-on-strong-investor-demand"}}" data-news_link="//www.iser-br.com/news/ril-rights-entitlement-price-surges-40-on-strong-investor-demand/75858786">
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动