Good news for
Reliance Power investors as
Anil Ambani has announced a better than expected ratio for giving out bonus shares.
First time anywhere that a promoter has issued bonus shares within days of listing.
To ensure that
retail and
institutional shareholders of
Reliance Power and shareholders of
Reliance Energy Ltd do not suffer losses,
Anil Ambani has decided to dilute his holding in
Reliance Power from 45 per cent to 40 per cent so that others, including 6 million retail shareholders, can be compensated.
Board of directors at its meeting on Sunday(24.02.2008) considered and approved a
bonus issue excluding promoters, as per which
three shares would be allotted for
every five held.
Issue would benefit over
four million investors in the company and the cost would be borne by the promoter group by way of diluting its stake.
Post
bonus issue, the cost of acquisition of
Reliance Power shares would come down to
Rs 269 for retail shareholders and
Rs 281 for institutional investors.
Posted by Samir Bhoir | Views 399 | Share Blog
