The Hindu Business Line : Reliance Energy allots 97.5 lakh shares to Reliance Power

RELIANCE Energy Ltd has allotted 97.5 lakh equity shares of Rs 10 each to Reliance Power Ventures Ltd (RPVL), one of its promoter companies, at a premium of Rs 630 a share.

According a communiqué to the BSE today, Reliance Energy said that its committee of directors at a meeting on May 2 allotted these shares to RPVL on conversion of equivalent number of warrants issued to them on April 2, 2004.

Each of these warrants were convertible into one equity share of Rs 10 each at a premium of Rs 630 each.

RPVL had paid 90 per cent of the issue price of warrants - Rs 576 per warrant - and in exercise of the option of conversion, paid the remaining amount of Rs 64 per warrant before applying for allotment of 97.5 lakh equity shares.

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