Anil Ambani-promoted Reliance Power surged 4.98% to ₹40.05 in early trading, hitting its upper circuit limit following the company’s board approval for a preferential issue of equity shares worth ₹1,525 crore. The move is part of the company’s strategic plan to strengthen its renewable energy business and bolster its financial position.
According to the company’s press release, the issue entails up to 46.20 crore equity shares or warrants convertible into equity shares at a price of ₹33 per share. Parent company Reliance Infrastructure will increase its equity stake in Reliance Power by over ₹600 crore. Non-promoter investors like Authum Investment & Infrastructure and Sanatan Financial Advisory Services are also participating in the issue.
