Reliance Power Surges Ahead of Board Meeting

23 Sep 2024 , 12:38 PM

Reliance Power shares rose 5% in early trade today, reaching a record 52-week high of Rs 38.16 on the BSE ahead of the company’s board meeting, which is set for later today to discuss fundraising plans. The stock hit an upper circuit as of 12:23 p.m. and was held at ₹38.15

The company also recently announced that it had received a 500 MW battery storage contract through the Solar Energy Corporation of India’s e-reverse auction (eRA).

“We wish to inform you that a meeting of the Board of Directors of the Company will be held on Monday, September 23, 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),” the company said in an exchange filing to the BSE.

The stock’s share price also rose in the recent week after the business declared that it has satisfied its commitments of Rs 3,872.04 crore linked to the guarantee for the lenders of Vidarbha Industries Power (VIPL).

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