Reliance Power promoters slash their stakes to 75%

Reliance Power promoters slash their stakes to 75%Promoters of Reliance Power Ltd on Wednesday confirmed that they had sold 5.42 per cent stakes in the founder firm and pocketed around Rs 1,500 crore.

The promoters, viz. Reliance Infrastructure Limited, AAA Project Ventures Private Limited and Reliance Innoventures Private Limited, said in a joint statement that the offer for sale received bids worth close to Rs 2,300 crore, and was over-subscribed roughly 1.6 times.

They said in a joint statement, "The transaction was completed at a price of Rs. 95 per share on a proportionate allocation method, resulting in gross sales proceeds of approximately Rs. 1,500 crore."

The companies also claimed that their stake sale offer attracted a huge number of foreign as well as domestic institutional investors.

After selling the stake in Reliance Power, the promoters now hold 75 per cent, while the public shareholding in the company jumped to 25 per cent.

Apart from improving the company's liquidity, the stake sale will also help it in meeting regulatory requirements.

Reliance Power stock shed 0.36 per cent to close at Rs 98.05 a share on the Bombay Stock Exchange (BSE).