Reliance Power share price experienced notable activity on September 25, as a block deal involving shares worth Rs 357 crore was executed on the exchanges. Approximately 8.6 crore shares, equating to a 2.1 percent stake in the company, changed hands at a floor price of Rs 42 each, reflecting an increase from the previous closing price.
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After the block deal occurred around 10 am, Reliance Power’s shares rose by over one percent on the NSE, trading at Rs 40.46. The transaction significantly boosted trading volumes, with 22 crore shares exchanged, a sharp increase from the average daily trading volume of five crore shares over the past month.
In the preceding session, Reliance Power shares had surged to the upper circuit limit of five percent following the announcement of a preferential issue of 46.2 crore equity shares. This issue, valued at Rs 1,524.60 crore, was priced at Rs 33 per share, marking a 14 percent discount compared to the closing price on September 23.
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The company highlighted that it has zero bank debt on a standalone basis and is looking to expand into new growth areas, particularly in the renewable energy sector, through its subsidiaries and special purpose vehicles.
To enhance its long-term resources, Reliance Power intends to use Rs 803.60 crore from the new capital to strengthen its renewable energy projects and support various business ventures, addressing both long-term working capital needs and general corporate objectives.
