Mumbai: Reliance Industries’ mega Rs 53,124 crore rights issue was on Monday oversubscribed 1.1 times, two days ahead of the issue closing.
As per the issue subscription data on stock exchanges, total bids received for RIL’s rights shares stood at 46.04 crore, overshooting the 42.26 crore shares on offer by 8.9 per cent.
BSE has received applications for 44.85 cr rights shares, while NSE got applications for 0.57 crore. The non-ASBA bid quantity stood at 0.62 crore rights shares (received at Registrar through R-WAP).
The oversubscription figure indicates shareholders applied for many more shares than their entitlements. The issue still has two more days to go and it is a well-observed phenomenon that in such issues with assured allotment, institutional investors invest only in the last few days. This means the final over-subscription number will rise to an even higher level.