Reliance Power Shareholders approve Bonus Issue
The Shareholders of Reliance Power through a postal ballot have approved the resolution of their Board to accord Bonus Shares in the ration of 3:5 i.e. three bonus shares for every five shares held. A total of 13.68 crore bonus shares would accordingly be issued.
It is significant to note that Mr.Anil Ambani and other promoters have waived their entitlement implying that they have foregone their rights to the bonus shares. In addition, Mr.Anil Ambani has decided to gift 6.15 crore shares of Reliance Power to Reliance Energy with a view to ensure that no dilution takes place in the holding of Reliance Energy of Reliance Power. As a result its holding of Reliance Power would be kept in tact at 45%. This would be accomplished as stated above by diluting his personal stake free of cost.
In the wake of the above announcement, the share price of Reliance Power showed positive trends by showing an increase of 2.66% in trading on Tuesday.
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