Reliance Power Ltd on February 17, 2008 has announced that a meeting of the Board of Directors of the Company will be held on February 24, 2008.
Reliance Power Board will inter alia consider a proposal for issuing free bonus shares to all categories of shareholders, excluding the promoter group (comprising of Reliance Energy Ltd. and the ADA Group), and / or other measures, which will result in reduction of the cost of Reliance Power Ltd. shares below the IPO price of Rs 430 per share for retail investors, and Rs 450 per share for institutional and other categories of investors.
Reliance Powers IPO closed on January 18, 2008, receiving an overwhelming and record breaking response, with commitments of nearly Rs 7,50,000 crore (USD 190 billion), from nearly 500 institutional investors across the globe, and 5 million retail investors. The sheer scale and unprecedented magnitude of the response clearly reflected the pricing of the IPO as being in line with prevailing valuation benchmarks and market sentiments.
However, subsequent to the closing of the IPO, the global and Indian equity markets have suffered an extra-ordinary meltdown, with all benchmark indices down 15% - 20%, and leading Indian stocks down by an even greater range of 20% - 40%.
In line with this global trend, the Reliance Power stock price has closed below the IPO price, since listing on February 11, 2008.
From the time of opening of the Reliance Power IPO on January 15, 2008, the Sensex is down 13%, while the Reliance Power stock is down 11% from the IPO price for retail investors, and 15% for other categories of investors.
The decline in the Reliance Power stock price has been compounded by:
- a vicious and orchestrated campaign of market manipulation and market abuse
- unleashed by unscrupulous rival corporate interests
- to hammer down all Reliance ADA group stocks
- in an attempt to undermine our fair name and reputation, and- cause losses to millions of genuine investors.
Reliance Power Board will inter alia consider a proposal for issuing free bonus shares to all categories of shareholders, excluding the promoter group (comprising of Reliance Energy Ltd. and the ADA Group), and / or other measures, which will result in reduction of the cost of Reliance Power Ltd. shares below the IPO price of Rs 430 per share for retail investors, and Rs 450 per share for institutional and other categories of investors.
Reliance Powers IPO closed on January 18, 2008, receiving an overwhelming and record breaking response, with commitments of nearly Rs 7,50,000 crore (USD 190 billion), from nearly 500 institutional investors across the globe, and 5 million retail investors. The sheer scale and unprecedented magnitude of the response clearly reflected the pricing of the IPO as being in line with prevailing valuation benchmarks and market sentiments.
However, subsequent to the closing of the IPO, the global and Indian equity markets have suffered an extra-ordinary meltdown, with all benchmark indices down 15% - 20%, and leading Indian stocks down by an even greater range of 20% - 40%.
In line with this global trend, the Reliance Power stock price has closed below the IPO price, since listing on February 11, 2008.
From the time of opening of the Reliance Power IPO on January 15, 2008, the Sensex is down 13%, while the Reliance Power stock is down 11% from the IPO price for retail investors, and 15% for other categories of investors.
The decline in the Reliance Power stock price has been compounded by:
- a vicious and orchestrated campaign of market manipulation and market abuse
- unleashed by unscrupulous rival corporate interests
- to hammer down all Reliance ADA group stocks
- in an attempt to undermine our fair name and reputation, and- cause losses to millions of genuine investors.
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