RIL hits fresh record high with market-cap of over Rs 11 lakh crore

Shares of Mukesh Ambani-owned Reliance Industries hit a fresh record high of Rs 1,665 on the National Stock Exchange June 18, rising more than 2 percent. The oil-telecom-to-retail major crossed Rs 11 lakh crore mark in market-capitalisation, retaining the top slot.

The stock has gained 90 percent from its March lows and is the biggest gainer among Nifty50 stocks on the back of Jio Platforms' stake sale deals with global technology investors and partners. It closed at Rs 1,655.90, up Rs 40.55 or 2.51 percent with a market capitalisation of Rs 11,19,693.69 crore..

So far, Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and Public Investment Fund since April 22, 2020.

Saudi Arabia's Public Investment Fund, one of the world’s largest sovereign wealth funds, was the latest one to invest Rs 11,367 crore in Jio Platforms for 2.32 percent stake and was the 11th investor in Jio Platforms.

Jio Platforms is a wholly-owned subsidiary of Reliance Industries.

Meanwhile, Reliance Industries partly paid-up rights shares were also in demand, making a fresh 52-week high of Rs 746 today.

The stock closed at Rs 740.10, up Rs 41.50, or 5.94 percent on the NSE. Compared to intrinsic value, the stock gained over 78.77 percent. (the intrinsic value is Reliance Industries share price divided by 4 as eligible shareholders made 1/4th payment (first instalment of Rs 314.25) for rights shares).

The second instalment of Rs 314.25 will be paid in May 2021 and the rest Rs 628.50 will be paid in November 2021.