New Delhi, June 1 : The RIL rights issue has got oversubscribed 1.1 times with two more days to go. ndia's largest ever fund raising initiative Â? RIL's Rs 53,124 crore rights Issue -- received a resounding response from all its shareholders, as it got oversubscribed 1.1 times on Monday, with two more days to go. The issue subscription data on stock exchanges showed that at 5 p.m. on Monday, the total bids received for RIL's rights shares stood at 46.04 crore, overshooting the 42.26 crore shares on offer by 8.9 per cent. The BSE has received applications for 44.85 crore rights shares while the NSE has received applications for 0.57 crore rights shares. The non-ASBA bid quantity stands at 0.62 crore rights shares. The oversubscription figure indicates that shareholders are applying for many more shares than their entitlements. The issue still has two more days to go and it is a well-observed phenomenon that in such issues with assured allotment, institutional investors invest only in the last few days. This means, the final oversubscription number will rise to an even higher level. Reliance Industries enjoys the support of a very large number of retail shareholders at over 25.4 lakh. Over 1,700 institutional investors -- domestic as well as foreign -- are invested in the company. The significantly strong subscription numbers show the high level of confidence every category of shareholders has in the company's future and the promoters' commitment to create value for them even in times of Covid 19 outbreak. The oversubscription numbers of RIL's rights issue are markedly better than other comparable issues of the recent past. Reports suggest that Bharti Airtel and Vodafone Idea's rights issues in April-May 2019 were oversubscribed by 5 per cent to 8 per cent. Each one was less than half the size of RIL's rights issue. Earlier, Reliance Industries created a whole new trading instrument in the form of REs which had premium valuation, liquidity and interest engaging quality investors. The REs never traded at below intrinsic level during the renunciation period, which is a milestone in Indian capital markets. It has been observed that right entitlements (REs) traded at an average 43 per cent discount to intrinsic value in similar issues of the recent past. RIL-REs had created a value of Rs 9,500 crore for the company's shareholders when online trading ended last Friday. RIL's first rights issue in three decades is set to close on Wednesday. The company has come out with a rights issue in 1:15 ratio to enable all shareholders to participate in its growth of consumer/technology businesses, where new strategic investors have started joining. To keep the issue most investor-friendly, the rights issue price of Rs 1,257 is to be paid over 18 months in three instalments Â? 25 per cent on application by June 3, 25 per cent in May 2021 and 50 per cent in November 2021. /IANS