Reliance Power dips post OFS offer

The company said that the offer for sale transaction was completed at a price of Rs 95 per share on a proportionate allocation method.

Reliance Power is trading lower by 2% at Rs 96.50 after the company said that the offer for sale (OFS) transaction was completed at a price of Rs 95 per share on a proportionate allocation method.

The promoters have raised gross sales proceeds of approximately Rs 1,500 crore by selling 5.4% stake in the Anil Ambani-controlled electricity producer company.

Reliance Infrastructure, Reliance Innoventures Private Limited and AAA Project Ventures Private Limited offered to sell 152.1 million shares of Reliance Power through an auction on stock exchanges.

“The OFS received bids worth approximately Rs 2,300 crore and was oversubscribed nearly 1.6 times from a large number of foreign and domestic institutional and other categories of investors,” Reliance Power said in a statement.

The stock opened at Rs 96 and touched a low of Rs 95.70 on the NSE. A combined 8.15 million shares have changed hands on the counter in opening deals on both the exchanges.