Reliance Power Ltd.'s share price rose to over six-year high on Tuesday as the company is set to raise Rs 1,524.60 crore via preferential share issuance. It will offer 46.20 crore shares at Rs. 33 apiece, the company said in an exchange filing on Monday.
Reliance Power Ltd. will allot equity shares or warrants convertible to equitable number of shares on a preferential basis for cash, conversion, and appropriation of existing debt of the company, the exchange filing said.
Shares or warrants will be allotted to Reliance Infrastructure Ltd, company's promoter, and non promoter entities: Authum Investment and Infrastructure Ltd. and Sanatan Financial Advisory Services Pvt, the exchange filing said.
Reliance Power Ltd. hit 4.98% upper circuit and rose to Rs. 40.05 apiece, the highest level since April 19, 2018. It remained locked in the upper circuit as of 10:07 a.m., compared to 0.10% advance in the NSE Nifty 50 index.
Reliance Power shares have been rising since Sept 12, and gained 34.98% in last 11 session.
The stock gained 111.35% in 12 months, and 15.36% year-to-date. Total traded volume so far in the day stood at 0.4 times its 30-day average. The relative strength index was at 77.74, which implied the stock is overbought.
RECOMMENDED FOR YOU
Stock Market Live: Nifty Struggles To Hit 26000 Mark As HUL, Kotak Bank Weigh
Sep 24, 2024
Tata Power Share Price Rises As Motilal Oswal Initiates Coverage with 'Buy' Rating
Sep 24, 2024
Larsen & Toubro Bags Mega Order In Middle East To Strength Electricity Grids
Sep 24, 2024
Inox Wind Inks Rs 2,200-Crore Financing Deal With ICICI Bank-Led Consortium
Sep 23, 2024
POPULAR