Reliance’s $7 Billion Rights Rings in New Trading Venue in India
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Reliance Industries Ltd., which popularized equities as an investment in the world’s second-most populous nation, is now the first to test a trading avenue in India with its record $7 billion rights issue.
Introduced in January, the trading platform allows shareholders to sell their rights entitlement to others interested in subscribing to the share sale. Reliance’s rights entitlement began trading on May 20 at 151.15 rupees -- the difference between the closing price of 1,408.2 rupees on May 19 and the rights price of 1,257 rupees -- and settled at 181.6 rupees Tuesday on the National Stock Exchange.