RPower promoters sell 5.42% to raise Rs 1500 crore
RPower said it promoters - Reliance Infrastructure, Reliance Innoventures Pvt Ltd and AAA Project Ventures Pvt Ltd -sold 5.42% stake in the company for about Rs 1,500 crore.
By Sarita C Singh, ET Bureau | Updated:
NEW DELHI: Reliance Power said it promoters - Reliance Infrastructure, Reliance Innoventures Pvt Ltd and AAA Project Ventures Pvt Ltd -sold 5.42% stake in the company for about Rs 1,500 crore.
The company received bids worth about Rs 2,300 crore and the offer for sale was over-
subscribed nearly 1.6 times from a large number of foreign and domestic institutional and other categories of investors, an official statement said.
"The transaction was completed at a price of Rs 95 per share on a proportionate allocation method, resulting in gross sales proceeds of approximately Rs 1,500 crore," the statement said.
Post issue, public shareholding in Reliance Power has increased to 25%, enabling the Anil Ambani group company to comply with SEBI mandated minimum public shareholding.
Reliance Power stock closed lower by 0.36% at Rs 98.05 on the Bombay Stock Exchange.
The company received bids worth about Rs 2,300 crore and the offer for sale was over-
subscribed nearly 1.6 times from a large number of foreign and domestic institutional and other categories of investors, an official statement said.
"The transaction was completed at a price of Rs 95 per share on a proportionate allocation method, resulting in gross sales proceeds of approximately Rs 1,500 crore," the statement said.
Post issue, public shareholding in Reliance Power has increased to 25%, enabling the Anil Ambani group company to comply with SEBI mandated minimum public shareholding.
Reliance Power stock closed lower by 0.36% at Rs 98.05 on the Bombay Stock Exchange.
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