Reliance Power, led by Anil Ambani, saw its stock rise by 5% today, reaching an intraday high of Rs 40.45.
Although the stock fell by 7% over the past five days, it has shown a remarkable 150% growth over the past year, having risen from Rs 16 on October 23 last year.
The company’s board is set to meet on October 26 to discuss and approve the unaudited financial results for the quarter and half-year, which ended on September 30, 2024.
Stock Performance Over Time
Reliance Power shares have fluctuated significantly, reaching a 52-week high of Rs 54.25 and a low of Rs 15.53.
While it saw a 7% drop recently, it is still up 70% this year and has surged by 150% over the past year.
Looking further back, the stock has gained an impressive 1,141.54% over the last five years.
However, the long-term picture shows a loss of 85% from its peak price of Rs 275 in May 2008.
LIC’s Stake and Fundraising Plans
Life Insurance Corporation (LIC) holds a 2.56% stake in Reliance Power, owning over 10 crore shares.
Recently, Reliance Power and Reliance Infrastructure have announced plans to raise Rs 17,600 crore, focusing on maintaining a zero-debt position.
This includes raising Rs 4,500 crore through a preferential issue of equity shares
and Rs 7,100 crore through equity-linked Foreign Currency Convertible Bonds (FCCB) from Varde Partners. These FCCBs carry a 10-year maturity period with a 5% interest rate.
