Mumbai/New Delhi: Reliance Industries got a new share price amid heavy trading at the the special trading session at the stock markets.
The RIL will now trade at Rs 715 per share.
In a historic move, the Bombay Stock Exchange and the National Stock Exchange held a special trading session to determine the new core prices for RIL, post the demerger.
The total turnover was estimated at Rs 3,000 cr.
Reliance Industries was traded in the session without the circuit filters. The unlisted companies will be listed in coming months.
The Bombay High Court cleared the demerger of India's biggest business empire on December 9 to settle a long-running public dispute between Mukesh and Anil Ambani - the two brothers who had inherited the business from their father Dhirubhai Ambani.
The move pushed India's largest private conglomerate, down from the top ranking on the Sensex to second place after Infosys Technologies.
After the demerger order was passed, there was ambiguity about how the move would impact the value of RIL shares.
The general procedure of demerger is a delisting of stocks followed by a re-listing at revised core valuations.
But since RIL is a large company with almost 11 per cent weight on the Sensex and Rs 1,396 crore worth of shares in the market, delisting Reliance would have had a large impact on the stock markets.
Therefore the BSE and the NSE have announced the special trading session exclusively for RIL shares to allow investors to determine its fair share price minus the demerged entiites - Reliance Energy, Reliance Capital, GFMS and Reliance Infocomm.
Once the markets open, the base market cap of the index will be corrected with the newly discovered price of RIL.
A consensus poll among brokerages put the value of the demerged Reliance share at around Rs 733.
Accordingly, the stock prices of Reliance Capital should come down by nearly Rs 21 and GFMS should come down by around Rs 13.
The framework of the settlement was announced by Kokilaben Ambani six months ago – Anil and Mukesh’s mother – after an ugly public showdown between the warring brothers.
Under the terms and conditions agreed upon, younger brother Anil was given control of Reliance Energy, Reliance Capital and Reliance Communications, all of which are being demerged, while Mukesh gained the flagship business Reliance Industries and the petrocchemival company IPCL.
Reliance has 3.3 mn shareholders and had a market capitalisation of $29.22 bn.
The group has $23 bn worth of annual sales and accounts for 3.5 per cent of India’s gross domestic product.
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