Reliance Power shares locked in upper circuit for tenth straight session

Reliance Power shares: Shares of Anil Ambani-backed Reliance Power were locked in 5 per cent upper circuit for tenth consecutive day on Tuesday as it surged to a fresh 52-week high of Rs 51.10 at BSE. As per BSE data, Reliance Power shares have surged a whopping 71 per cent in the last ten trading sessions.

Reliance Power shares have been on investors’ radar for quite some time after its subsidiary, Rosa Power, prepaid nearly Rs 850 crore of its debt to Singapore-based lender Varde Partners. The company informed that it would consider multiple fund-raising options, such as the sale of a stake in its power business to institutional investors, so that it can fuel its growth plans.

Reliance Power will consider raising funds via multiple options, including equity sale and foreign currency convertible bonds, in a board meeting scheduled for October 3. It would be the second round of fund raising within last 15 days after the company had approved Rs 1,525 crore in a preferential allotment.

The Navi Mumbai-based coal power generator is scouting for capital to facilitate its foray into the renewable energy space. The company had also recently said that it had completed paying off its dues to banks and other financial institutions, settling Rs 3,872 crore worth of dues linked to its unit.

As of 1:45 pm, Reliance Power shares were locked in 5 per cent upper circuit at Rs 51. The stock had pending buy orders 24,74,742 shares while there were no sellers, data from stock exchange showed.