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RPower owners cut stake

Mumbai, Dec. 19: Reliance Power (RPower) promoters today sold a 5.42 per cent stake in the company for around Rs 1,500 crore, with their offer for sale oversubscribed nearly 1.6 times.

Three promoter entities — Reliance Infrastructure Ltd, Reliance Innoventures Pvt Ltd and AAA Project Ventures Private Ltd — sold more than 15.21 crore shares, accounting for around 5.42 per cent of the company’s equity.

The sale will help the company to comply with Sebi’s minimum public shareholding norm.

The market regulator has asked all private listed entities to have a minimum public shareholding of 25 per cent by June.

At the end of the second quarter ended September 30, the promoters held 80.42 per cent in Reliance Power.

A statement from Reliance Power said the offer for sale received bids of around Rs 2,300 crore and was over-subscribed nearly 1.6 times from a large number of foreign and domestic institutional and other categories of investors.

The offer got bids for more than 24.33 crore shares.

The transaction was completed at a price of Rs 95 per share, resulting in gross sale proceeds of Rs 1,500 crore. The floor price for the offer was fixed at Rs 93 per share.

On the BSE, the Reliance Power share ended marginally lower at Rs 98.05.

 
 
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