Reliance Power Shares soar High

Shares of Reliance Power soared by 4 per cent following the announcement by the board that it would give a bonus of 3 shares to shareholders who hold 5 shares of Reliance Power IPO. However, the new offer won't be applicable to promoter groups, Reliance Energy and Anil Ambani’s personal investment vehicles.

Anil Ambani, chairman of the ADA Group also announced that he would transfer 2.6 per cent of his personal stake in R-Power (worth Rs 4,700 crore) to Reliance Energy in order to compensate the company for the dilution of its stake in R-Power.