Click to play videoNew Delhi: The board of Reliance Power will meet on Sunday to consider issuing free bonus shares to the more than 40 lakh shareholders, excluding the promoters, who had incurred losses investing in their IPO.
This move was after huge investor outcry over the poor performance of the stock after its listing on February 11.
The board will, on Monday, announce the ratio of the bonus issue, which is expected to bring down the acquisition cost of the shares bought by investors through the IPO.
Reliance Power stocks, which issued at Rs 450 per share has consistently under-performed and has remained below the issue price even after two weeks of listing
After listing at Rs 547.8, the scrip had, within a minute, slid into red closing at Rs 372.5.
The IPO had seen a demand of Rs 7,50,000 crores for the issue of Rs 11,560 crores.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.