Anil Ambani's Reliance Power stock rallies 55% in 9 days; board meeting this week | Tracking RPower Share Price
October 01,2024Reliance Power (RPower) Share Price: Shares of Anil Ambani led Reliance Power (RPower) has rallied a whopping 55 per cent over the past nine sessions. Since the closing price of Rs 31.40 on September 17, RPower shares have been hitting upper circuits for nine consecutive days.
This rally comes ahead of a board meeting of the company scheduled on Thursday, October 3 for considering a fundraising proposal.
Reliance Power (RPower) Share Price Today
On Monday, September 30, RPower shares opened lower at Rs 46.25 apiece against its previous close of Rs 46.35 per share.
Soon after the session started, the stock slumped nearly 5 per cent to hit a low of Rs 44.21, due to profit booking. However, around mid day, the stock recouped the losses and surged further to hit the upper circuit at Rs 48.66 on the NSE.
Around 1 PM, 20.62 crore shares changed hands on the NSE, and about 3.57 crore shares on the BSE.
Why Reliance Power (RPower) is going up?
This uptrend in RPower shares came after the company announced that it had fully settled a Rs 3,872 crore guarantee for Vidarbha Industries Power (VIPL). This settlement resulted in the release of all corporate guarantees, undertakings, and obligations related to the outstanding debt of Rs 3,872.04 crore.
Reliance Power has also settled all disputes with CFM Asset Reconstruction. 100 percent shares of VIPL have been pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.
Moreover, Reliance Power announced it has zero debt from banks and financial institutions. The firm's company’s consolidated net worth stood at Rs 11,155 crore, as of the end of the first quarter in FY25.
Further, on Friday, September 27, Reliance Power fixed a board meeting date to consider a fundraising proposal.
In an exchange filing, the company said, "We wish to inform you that a meeting of the Board of Directors of the Company will be held on Thursday, October 03, 2024, inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate."