Business Daily from THE HINDU group of publications
Tuesday, Apr 29, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Apr 29, 2008 ePaper | Mobile/PDA Version | Audio |
|
|
|
|
|
|
|
Corporate
-
Investments Markets - Mutual Funds 
Our Bureau Mumbai, April 28 Reliance Power Ltd, which raised Rs 11,562 crore in its IPO in January last, has temporarily parked almost the entire money in mutual funds. The 2007-08 financial results declared by the company on Monday show that Rs 11,412.81 crore is invested in mutual funds. The company has not disclosed either the funds or the schemes where the money has been invested. The IPO offer document says that the company “intends to invest the funds from the issue in interest bearing liquid instruments including deposits with banks and investments in mutual funds. These investments may include investments in mutual funds managed or financial products sold by one of our affiliates, RCL (Reliance Capital)” The company has spent only Rs 25.83 crore as of March 31, 2008 in construction and development of its various projects. The temporary parking of the IPO money in mutual funds has helped the company report a net profit of Rs 94.6 crore for 2007-08. Total income for year stands at Rs 132.8 crore, of which dividend income is Rs 112.7 crore. The company has also informed that from March 31, Coastal Andhra Power Ltd, Reliance Coal Resources Pvt Ltd, Sasan Power Infrastructure Pvt Ltd, Sasan Power Infraventures Pvt Ltd, Maharashtra Energy Generation Infrastructure Ltd and Coastal Andhra Power Infrastructure Ltd have been incorporated as wholly owned subsidiaries. On the BSE, the scrip was traded at Rs 403.25, an increase of 0.27 per cent over the previous closing of Rs 402.15. More Stories on : Investments | Mutual Funds | Power
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|