Shares of Reliance Industries’ partly-paid (RIL PP) shares were locked in the 10 per cent upper circuit band at Rs 812.90 on the BSE on Friday, having rallied 16 per cent in the past two days, after group chairman Mukesh Ambani said that RIL has become net debt-free company after raising a record Rs 1.69 lakh crore from global investors and a rights issue within two months. RIL PP shares have a face value of Rs 2.5 each.

RIL fully-paid (RIL FP) shares (with a face value of Rs 10 each), too, hit a lifetime high of Rs 1,738.95, up 5 per cent in the intra-day trade today. The stock price has rallied 8 per cent in the past two trading days. A sharp surge in market price of RIL fully-paid share pushed the company’s market capitalisation (m-cap) over Rs 11-trillion for the first time on the BSE. The combined m-cap of RIL FP and RIL PP shares touched Rs 11.34 trillion, the exchange data shows.

RIL made the declaration after the company bagged investment from Saudi Arabia’s Public Investment Fund (PIF) on Thursday. PIF will buy a 2.32 per cent stake in its digital unit Jio Platforms for Rs 11,367 crore.

“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will move towards listing of both these companies within the next five years,” said Ambani in a statement.

ALSO READ: What makes analysts bullish on RIL

The shares of Reliance Industries have leaped 100 per cent from the recent low of Rs 867.82 touched on March 23, 2020. The rally has been fuelled by the firm’s ability to garner 11 foreign investments in its subsidiary Jio Platforms for a whopping Rs 1.16 trillion from leading global investors.

Morgan Stanley maintains an ‘overweight’ on the stock with a target price of Rs 1,801, while Goldman Sachs has ‘buy’ call with a 12-month target price of Rs 1,755 on Reliance Industries.