R Power Shares Soar 4% On Bonus Issue

MUMBAI: Shares of Reliance Power climbed over 4 per cent Monday after the board announced a 3:5 bonus ratio.

The bonus shares will be issued to all shareholders, except the promoter groups, Reliance Energy and Anil Ambani’s personal investment vehicles.

The company said the bonus issue would lower the cost of acquisition for a retail shareholder to Rs 269 per share and Rs 281 for high net worth individuals and institutional shareholders.

Anil Ambani, chairman of the ADA Group also announced that he will transfer 2.6 per cent of his personal stake in R-Power worth Rs 4,700 crore to Reliance Energy in order to compensate the company for the dilution of its stake in R-Power.

The move is to ensure that Reliance Energy’s shareholding remains unchanged at 45 per cent in R-Power even though it has declined to accept the bonus issue.

At 10.15 am, the Reliance Power share was up 3.27 per cent at Rs 430.50 with volume traded at 17,09,412 against two-week average 1,61,50,034 shares.

Cords Cable Closes At 3.3% Premium

MUMBAI: Cords Cable Industries Wednesday closed at Rs 139.45 on NSE, a premium of Rs 4.45 or 3.3 per cent against the issue price of Rs 135.

The stock today listed at Rs 143. It touched a high of Rs 151, while the low was Rs 110.20. Around 89,36,555 shares were traded in the NSE counter.

On BSE, the share closed at Rs 138.30. It touched a high of Rs 151 and low of Rs 113 during the day. Traded volume was 1,05,18,929