Reliance Power shares zoom 47% in 8 days. Here’s why
Reliance Power shares hit the 5% upper circuit and a new 52-week high at Rs 46.36 once again today, marking a 46.6% rise over the last 8 consecutive trading sessions. The smallcap stock has been on a continuous upward trend during this period.
The recent rally followed the company’s board approving the issuance of up to 46.2 crore equity shares and/or warrants worth Rs 1,525 crore through a preferential allotment on Monday.
Reliance Infrastructure, the company’s promoter, will increase its equity stake by over Rs 600 crore. Other investors participating in this preferential issue include Authum Investment and Infrastructure Limited and Sanatan Financial Advisory Services Private Limited.
The company intends to utilise the funds raised from the preferential issue to be used to expand business operations, either directly or through investments in subsidiaries and joint ventures. A portion of the proceeds will also go toward reducing debt and other general corporate purposes.
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