2024-09-30 13:35:25
New Delhi: Shares of heavily indebted industrialist Anil Ambani’s company Reliance Power hit upper circuit for the eighth consecutive day today. On BSE it once again reached Rs 46.36 with upper circuit of 5%. This is its 52-week high. Its price has increased by 46.6% in the last 8 consecutive trading sessions. With this the market cap of the company has reached Rs 18,622.68 crore. Recently, the company’s board has approved the proposal to issue 46.2 crore equity shares or warrants worth Rs 1,525 crore through preferential allotment. Reliance Power’s promoter Reliance Infrastructure has increased its equity stake by more than Rs 600 crore. Will increase. Other investors participating in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services Pvt Ltd. The company says it wants to use the funds raised from the preferential issue to expand its business operations. A part of this will be used to reduce debt and other general corporate works.
Anil Ambani’s ‘Punch’ amid market decline, shares reach 52-week high as soon as market opens
multibagger return
Reliance Power, once a favorite company of retail investors, had recently announced repayment of loan of Rs 3,872.04 crore of CFM Asset Reconstruction. 100% of the shares of VIPL have been pledged to CFM in lieu of the issuance and repayment of the guarantee by Reliance Power. Earlier, the company’s shares had seen a decline when market regulator SEBI had banned Anil Ambani from the securities market for five years in the case of misappropriation of funds from Reliance Home Finance. Reliance Power shares have given multibagger returns. In the last one year it has increased by 141.6% whereas this year it has increased by 93.6%.