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Mumbai, April 22 Reliance Power has obtained shareholders’ approval for the issue of bonus shares in the ratio of 3:5. The company would issue 13.68-crore bonus shares. None will be issued to the company’s Chairman, Mr Anil Ambani, and to other promoters of the company as they waived their entitlement to bonus shares.

Reliance Power in January had entered the market with an IPO of Rs 11,700 crore, which was subscribed 72 times. And on listing, though the scrip opened at Rs 95 over its issue price of Rs 450, within minutes, the share price fell below its issue price.

Shortly after this, Mr Anil Ambani announced the company’s decision to issue bonus shares to its shareholders, while the promoters themselves decided to waive their entitlement to the same.

The company will announce separately the record date for the purpose of determining the entitlement of shareholders to the bonus shares to be issued.

More Stories on : Bonus Announcements | Power

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