Reliance Petroleum shares commenced with a big bang, gaining 70 per cent at Rs 101.95 on its debut on the Bombay Stock Exchange on Thursday on heavy purchases by funds and retail investors.
The scrips surrendered part of its gain to trade at Rs 84.50 against the offered price of Rs 60 in the first five minutes of trading, as profit booking emerged at attractive high levels.
Trading at this counter began with a ceremonial bell rung by company chairman Mukesh Ambani on the Bombay Stock Exchange. The counter attracted 348 block deals in just five minutes of trade on both the bourses.
RPL, a unit of Reliance Industries Ltd, listed at the National Stock Exchange at Rs 99.95.
In future and option segment, about 45 lakh (4.5 million) shares were added.
Reliance Industries, the parent company, subscribed to 90 crore (900 million) shares at Rs 60, leaving the public with 45 crore (450 million) shares -- the price for which was fixed at Rs 60.Mukesh Ambani-controlled Reliance Petroleum had offered over 449 crore (4.49 billion) shares with face value of Rs 10 each at a premium of Rs 50 through initial public offer last month and over-subscribed by over 51 times.
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