Reliance Power Bonus at 3:5

Sunday, February 24, 2008

Reliance Power Bonus at 3:5

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Anil Ambani-promoted Reliance Power on Sunday said it will give three bonus shares for every five shares held by its shareholders.

The board of directors at its meeting today considered and approved a bonus issue excluding promoters, as per which three shares would be allotted for every five held.

This issue would benefit over four million investors in the company and the cost would be borne by the promoter group by way of diluting its stake.

Post bonus issue, the cost of acquisition of Reliance Power shares would come down to Rs. 269 for retail shareholders and Rs. 281 for institutional investors.

Saying that retail investors are the bedrock and foundation of Reliance Power, its Chairman Anil Ambani said: "In these two weeks, the number of retail shareholders have actually increased. In these 10 trading days, retail investors have acquired 2.5 crore shares."

The approval of bonus issue is an unprecedented step in the history of capital market in India and abroad, he added.

Shares of Reliance Power closed down by 1.21 per cent on Friday at Rs. 416.85 on the Bombay Stock Exchange.

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