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Reliance Petro debuts on BSE at 70 pc premium
Our Bureau
GONG TIME: Mr Mukesh D. Ambani, Chairman, Reliance Petroleum Ltd, with Mr Nimesh Kampani, Chairman, JM Morgan Stanley, striking the gong at the listing of RPL shares on the Bombay Stock Exchange on Thursday. - Paul Noronha
Mumbai
,
May 11
Shares of Reliance Petroleum Ltd (RPL) made their debut at a 70 per cent premium on Thursday.
The share opened at Rs 101.95 against its issue price of Rs 60 on the BSE in the morning but went down to Rs 81.10 before closing at Rs 85.45.
This is despite a sharp fall in all major stocks on Thursday.RPL raised Rs 2,700 crore through initial sale of shares to Indian and foreign investors for setting up a greenfield refinery at Jamnagar in Gujarat.
On the NSE, it opened at Rs 99.95 and touched a high of Rs 105 before closing at Rs 85.40. On the NSE, 31.51 crore RPL shares were traded while on the BSE, the volume was lower at 7.27 crore.
Addressing a gathering that included brokers and bankers at the listing ceremony at the BSE, Mr Mukesh Ambani, Chairman, RPL, said the company would become the sixth largest refinery in the world. "Along with RPL, Jamnagar will become the refinery capital of the world. "Almost 2 per cent of the entire crude in the world will be processed in Jamnagar," he said. Welcoming the 12.6 lakh RPL shareholders to the Reliance family, Mr Ambani said, "It is our first public issue in nearly a decade-and-a-half."
Even as RPL made its debut at Rs 101, other refinery stocks suffered a setback at the bourses on Thursday.
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