Three promoter group entities of Reliance Power have announced that the offer for sale of 5.42 per cent of the share capital in Reliance Power went through successfully on December 19.
The offer for sale received bids worth nearly Rs. 2,300 crore and was oversubscribed 1.6 times from a large number of foreign and domestic institutional and other categories of investors.
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. Pursuant to the offer for sale, the public shareholding in Reliance Power has increased to 25 per cent thereby improving liquidity, apart from meeting regulatory requirements.
Some of the promoters of Adani Enterprises have announced divestment of part of their stake held in the company. According to a notification from stock exchanges these promoters will be offloading 2.30 crore equity shares (face value Re.1) on a separate window provided by the BSE on December 21.