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R-Power climbs on bonus

business Updated: Feb 18, 2008 22:36 IST
Vyas Mohan
Vyas Mohan
Hindustan Times
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Shares of Reliance Power galloped on Monday after the company said its board will meet on February 24 to consider a free bonus share issue to all investors except the promoter group. Reliance Power shares jumped Rs 28.95 or 7.53 per cent to end the day at Rs 413.65 on the BSE.

The news of bonus issue saw good buying interest on the counter even though the swap ratio is yet to be announced.

According to market sources, may issue two bonus shares for every 15 shares of Reliance Power.

The benchmark Sensex of the Bombay Stock Exchange ended the day lower by 67 points or 0.37 per cent at 18,048.05, while the 50-share Nifty of the National Stock Exchange closed at 5276.90, down by 26 points or 0.5 per cent.

Reliance Energy-owned Reliance Power, which belongs to the Reliance Anil Dhirubhai Ambani Group, has also written to the market regulator Securities and Exchange Board of India (SEBI) to probe manipulations, if any, which led to a sharp; fall in its share price since its debut on February 11.

"The decline in the Reliance Power stock price has been compounded by a vicious and orchestrated campaign of market manipulation and market abuse," the company said in a statement.