Business Daily from THE HINDU group of publications
Saturday, Apr 26, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Apr 26, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Stocks Corporate - Bonus Announcements
Our Bureau Kolkata, April 25 The Reliance Power stock closed above Rs 400-mark on the BSE for the first time since March 3, 2008, as the company announced the record date for the bonus issue. Reliance Power today announced the date of closure of its register of members from June 3 to June 5 for the purpose of determining the entitlement of shareholders to the bonus shares to be issued by the company. After hitting intra-day high of Rs 404.65, the stock closed at Rs 402.15. Trading volumes too surged to 51.25-lakh shares against its two-week average of 27.16-lakh shares. The stock has recovered about 32 per cent, since it touched its low at Rs 303.45 on March 24. On the NSE, the stock witnessed a trading volume of 82.05-lakh shares, of which 25.75 per cent was presented for delivery. The company will issue bonus shares to all shareholders, excluding the promoters (AAA Project Ventures Pvt Ltd, an entity fully-owned and controlled by Mr Anil D Ambani and also the promoter of Reliance Energy Ltd and REL itself), in the ratio of three shares of Rs 10 each for every five held. The bonus shares would reduce the cost for retail investors, who bought it at the IPO price of Rs 430 a share to Rs 268.75 each. For the institutional investors, who bought at Rs 450 a share at the primary offering, the cost would come down to Rs 281 each. The bonus shares will be issued to those shareholders whose names appear in the register as on June 2. The total paid-up equity would increase to Rs 239.7 crore. After the close of the IPO on January 18, the stock got listed on February 11, but had closed below the IPO prices. Reliance Power has taken up a number projects with a total capacity of over 28,000 MW, but the first revenue flow from its operations would start from March 2010. More Stories on : Stocks | Bonus Announcements
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