Reliance Power, which made history in Indian capital market by raising more than Rs 11,000 crore from initial public offer in January, crossed its issue price of Rs 450 today as it slipped below issue price since listing day and did not recover.
The stock has touched an intraday high of Rs 451 and an intraday low of Rs 421.40.
At 2:21 pm the share was quoting at Rs 448, up Rs 31.15, or 7.47%, with volumes of 1,23,22,550 shares. On Friday, the share closed down 1.21% or Rs 5.10 at Rs 416.85.
Promoter of Reliance Power, Anil Dhirubhai Ambani has announced bonus in the ratio of 3:5 (three shares for five shares held) yesterday in the conference. Record date will be announced soon. Now the person who got allotment at Rs 430, will get new price of Rs 269 per share. This news has started benefiting the stock in terms of recovery as it crossed Rs 400 mark on February 18 and today touched Rs 450, issue price.
The share had listed, on the BSE, at Rs 547.80 and touched a high of Rs 599.90 on February 11, 2008. But negative sentiment in markets and long gestation period of projects, both these factors impacted the stock on listing day and on subsequent days. It had touched a low of Rs 389 on listng day and 52-week low of Rs 332.50.
Reliance Power had entered capital market with a public issue of 26 crore equity shares of Rs 10 each (22.8 crore shares for public and 3.2 crore shares for promoters) at a price band of Rs 405-450. The company raised Rs 11,700 crore from this issue, which will be used for upcoming power projects.
Source: Moneycontrol.com
Monday, February 25, 2008
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