Reliance Power Bonus Record Date

Monday, April 7, 2008

Reliance Power Bonus Record Date

Latest news about Reliance Power Bonus Issue...

The Record Date for Reliance Power is fixed as June 2.

» Details of Bonus Issue

» Result of Postal Ballot

Investors will have to wait till April 21 when the results of the postal ballots seeking shareholders’ approval will be available. Then it will be a wait for the record date.

“Result of the postal ballot will be declared on Apr 21. After the results, we will intimate SEBI and will follow up the required regulations for bonus issue,” said Paresh Rathod, company secretary of Reliance Power.

According to SEBI guidelines, a company must issue the bonus shares within six months from date of announcement.

Further, there are the eligibility criteria. Only shareholders holding shares on record date would be entitled to receive bonus shares. Original allottees from the IPO, but who have sold prior to record date, would not be eligible for the bonus shares.

This move is aimed at checking alleged detractors from a repeat situation of listing day on Feb 11, when the Reliance Power share ended 17 per cent lower.

On listing day, total 6.41 crore shares, or 28 per cent of the net offer to the public, were sold on the BSE and NSE combined.

Reliance Power had written to the Securities and Exchange Board of India seeking an investigation into the price fall, with Ambani accusing rivals for the share fall.

Around 11 crore shares have changed hands till date, according to NSE data. This makes for about 1/3 of total shares held by retail investors who will lose out on the bonus shares.

Reliance Power's IPO closed on Jan 18, receiving an overwhelming response, with commitments of nearly Rs 7,50,000 crore, from nearly 500 institutional investors and 5 million retail investors.

Today the Reliance Power stock was at Rs 333.85 on NSE, up 3.47 per cent.

“In the current bearish scenario, if they (Reliance Power) fix the record date in April and the market remains volatile, there are chances the share price may go down significantly. The company is likely taking care about the timing for allotment,” said A Chauhan, fund manager at DMB Wealth Management.

» Reliance Power declares June 2 as date for bonus entitlement

» Reliance Power Bonus Issue Date

» Reliance Power Bonus at 3:5

» Reliance Power shareholders approve bonus issue

» Shareholders accept Anil Ambani's gift of R-Power shares

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