Reliance Power falls 3.92% in two days on completion of OFS

Meanwhile, the BSE Sensex was down 136.50 points, or 0.70%, to 19,317.42

On BSE, 8.23 lakh shares were traded in the counter as against an average daily volume of 16.17 lakh shares in the past one quarter.

The stock hit a high of Rs 96 and a low of Rs 93.40 so far during the day. The stock had hit a 52-week high of Rs 139.40 on 6 March 2012. The stock had hit a 52-week low of Rs 68.50 on 21 December 2011.

The stock had outperformed the market over the past one month till 20 December 2012, rising 8.11% compared with the Sensex's 6.14% rise. The scrip also outperformed the market in past one quarter, rising 7.20% as against Sensex's 6.02% gain.

 

The large-cap company has an equity capital of Rs 2805.13 crore. Face value per share is 10.

The Reliance Power scrip fell 3.92% in two trading days from Rs 98.05 on 19 December 2012. After market hours on Wednesday, 19 December 2012, Reliance Power said promoters have raised gross sales proceeds of approximately Rs 1500 crore by selling 5.42% stake in the power producer at Rs 95 per share on proportionate allocation method through an Offer for Sale (OFS). The floor price for the OFS was Rs 93 per share and the indicative price, the volume weighted average price of all the valid/confirmed bids, was Rs 95.53 per share.

The Offer for Sale (OFS) conducted on Wednesday, 19 December 2012 received bids for 24.36 crore shares worth approximately Rs 2300 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 company said post offer for sale, the public shareholding in Reliance Power has increased to 25%, thereby improving liquidity, apart from meeting regulatory requirement of achieving minimum public shareholding in the company.

Reliance Power's consolidated net profit rose 2% to Rs 240.22 crore on 121.4% growth in net sales to Rs 1079.21 crore in Q2 September 2012 over Q2 September 2011.

Reliance Power, a part of Anil Dhirubhai Ambani's Reliance group, is India's leading private sector power generation company. The company has the largest portfolio of power projects in the private sector based on coal, gas, hydro and renewable energy, with an operating portfolio of 1,540 MW. The company also has the largest captive coal reserves in the private sector, estimated at two billion tonnes. Besides, the company is developing three coal mines in Indonesia and also developing coal bed methane based generation capacity.

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