Reliance Industries (RIL) share price gained in the early trade on June 10 after the company received Rs 13,150.7 crore as the first call on partly paid-up equity shares.
The company, till May 31, 2021, received Rs 13,150.7 crore on first call representing around 99 percent of the total amount due, the company said in a regulatory filing.
The company had fixed May 12, 2021 as the record date for the purpose of determining the holders of the partly paid-up equity shares (eligible shareholders) who shall be liable to pay the money on the first call.
The company had allotted 42,26,26,894 – Rs 2.50 paid-up equity shares on rights basis last year.
"The holders of the aforesaid partly paid-up equity shares, whose names appeared on the Register of Members as on May 12, 2021 (the Record Date), were required to pay the First Call amount of Rs 314.25 per equity share (comprising Rs 2.50 towards face value and Rs 311.75 towards securities premium) between Monday, May 17, 2021 and Monday, May 31, 2021 (both days inclusive)," company said.
The aggregate amount payable by these shareholders towards the first call was Rs 13,281.05 crore, while the company received Rs 13,150.70 crore representing around 99 percent of the amount due on first call until May 31.
The company has completed the corporate action for credit of 41,77,93,830 - Rs 5 paid-up equity shares. These 41,77,93,830 - Rs 5 paid-up equity shares have been listed and would be available for trading on the stock exchanges with effect from June 10, 2021, it added.
"Reliance Industries (RIL) was trading in a range between Rs 1,850 and Rs 2,150 for the last six months. The stock has given a decisive breakout of a symmetrical triangle pattern and is currently hovering above the upper band of the triangle pattern on the weekly interval," said Rohan Patil, Technical Analyst, Bonanza Portfolio.
Reliance witnessed an above-average volume activity during the breakout, which indicates price-volume breakout on the weekly scale, he added.
"The stock is trading above its 50 and 100-day exponential moving averages on the weekly timeframe, which is positive for it for the near term. Momentum oscillator RSI (14) is reading above 60 with positive crossover, looking to accelerate higher on the daily and weekly intervals," Patil said.
"Buy Reliance Industries with a target price of Rs 2,300 and stop loss at Rs 2,100," Patil said.
At 0920 hours, Reliance Industries was quoting at Rs 2,187.35, up Rs 12.60, or 0.58 percent on the BSE.
The share touched a 52-week high of Rs 2,368.80 on September 16, 2020 and a 52-week low of Rs 1,495 on June 12, 2020. It is trading 7.66 percent below its 52-week high and 46.31 percent above its 52-week low.Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.