The stock of Reliance Power, a company of debt-ridden businessman Anil Ambani, got stuck in the upper circuit for the fifth consecutive day today. Despite the fall in the market, the company’s stock once again went into the upper circuit as soon as the market opened today. Its price has increased by 25 percent in five days and it has reached the top of 52 weeks. In the last session on BSE, it closed at Rs 38.16 and today as soon as the market opened, it increased by 5 percent to Rs 40.06. With this increase, the market cap of the company has reached Rs 16,091.99 crore.
Debt of Reliance Power and its promoter Reliance Infra has reduced
Reliance Power and its promoter Reliance Infra have recently reduced their debt. Reliance Power wants to raise a total of Rs 1,525 crore by issuing new equity shares or convertible warrants to its promoters and select investors. According to media reports, stock market operator Sanjay Dangi and equity investor Sanjay Kothari are ready to invest Rs 925 crore in Anil Ambani’s power company Reliance Power. Both of them are high net-worth investors. This can be a good move, also a part of Reliance Power’s strategy to reduce debt and support green energy initiatives.
Reliance Infrastructure will also invest in Reliance Power shares
Along with this, Reliance Infrastructure will also invest Rs 600 crore in Reliance Power. This will increase its stake in the company from 23% to 25%. Reliance Power shares have seen a lot of growth recently. The company said on Wednesday that it has paid the entire liability of Rs 3,872 crore as a guarantor for its subsidiary Vidarbha Industries Power. It has a 600 MW power plant in Butibori, Nagpur, which the Adani Group has its eyes on. This plant plays an important role in the supply of electricity to Mumbai. Now with the repayment of Reliance Power’s debt, a major hurdle in this deal has been removed.
Reliance Power Limited has informed BSE that the meeting of the board members of the company has been fixed on 23/09/2024.
Among other things, it will consider and approve the raising of long-term resources from domestic and global markets. Angel One Senior Vice President-Research Amar Singh has said in a conversation with Business Today that there are currently a lot of positive movements in the company’s stock and the market is also moving positive, so the stock is on the way to recovery and it can reach 40 to 50. However, he has also described it as risky. Let us tell you that LIC also has a big stake in the company. LIC has a 2.56 percent stake in this company, which is equivalent to 10,27,58,930 shares.
