Funding nod propels Reliance Energy

DALAL STREET SPIKES

Reliance Energy on Monday rose nearly 10 per cent from its previous close of Rs 1,738.10 to touch an intraday high of Rs 1,926 and finally settled at Rs 1,900.

The rally followed after the company's board of directors approved the proposal to raise Rs 8,000 crore through a preferential offer of Rs 1,812 a share on Sunday.

The additional capital will be infused by the promoter group and increased the company's net worth. More than 1.5 million shares were traded on the counter.