Reliance Power gained 1.88% to Rs 401.70 at 11:57 IST on BSE after the company said Reliance Coal Resources, a wholly owned subsidiary of the company has entered into a definitive agreement to acquire 100% interest in 3 coal mines in Indonesia.
The company made this announcement during trading hours today, 2 May 2008.
On BSE, nine lakh shares were traded in the counter. The scrip had an average daily volume of 57.30 lakh shares in the past one quarter.
The stock hit a high of Rs 404.35 and a low of Rs 395.25 so far during the day. The stock had a 52-week high of Rs 599.90 on 11 February 2008 and a 52-week low of Rs 303.45 on 24 March 2008.
The large-cap scrip had outperformed the market over the past one month till 30 April 2008, gaining 23.30% compared to the Sensex's return of 10.63%.
The company's current equity is Rs 2259.82 crore. Face value per share is Rs 10.
In a meeting held on 25 February 2008, Reliance Power's board of directors approved 3:5 (3 bonus shares for every 5 shares held) bonus issue to all shareholders, excluding the promoter group comprising of Reliance Energy and the Anil Dhirubhai Ambani Group (ADAG).
In a related development, Anil Ambani, Chairman, Reliance ADAG simultaneously announced a voluntary contribution of 2.6% of his shareholding in Reliance Power to Reliance Energy, to prevent Reliance Energy from any dilution of its existing 45% stake in Reliance Power, as a result of the bonus issue.
Following bonus issue and personal stake transfer by Anil Ambani, the cost of acquisition of Reliance Power stock will come down by 40% for retail shareholders to Rs 269 per share from issue price of Rs 430 per share. In the same way, for other investors the acquisition cost will be reduced by 37% to Rs 281, from issue price of Rs 450.
Following this bonus issue, Anil Ambani's stake will come down to 40% from the present 45%. Reliance Energy's shareholding remains unchanged at 45% while public shareholding will increase by 5% to 15%.
Reliance Power is developing 13 power generation projects with a capacity of 28,200 megawatt (MW).