Reliance Power was up sharply after the company's board approved a 3-for-5 bonus share issue to non-promoter shareholders. The bonus issue will reduce initial public offer cost of retail investors to Rs 269 a share, while cost for non-retail investors will fall to Rs 281. At 1.20 pm, the stock gained Rs 27 or 6 per cent at Rs 444.25 on the NSE.
Reliance Power co-promoter Anil Ambani said he will offer a part of his stake in the company in lieu of bonus shares to maintain Reliance Energy's stake in the company unchanged at 45 per cent.
Source : sify.com
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