Reliance Power Rises To Over Six-Year High As Board Approves Fundraise Via Preferential Issue
Reliance Power Ltd. share price hit 4.98% upper circuit and rose to Rs. 40.05 apiece, the highest level since April 19, 2018.
The image is used for representation purpose. (Photo source: Enavto)
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.
