Reliance Power asks shareholders for balance payment

Reliance Power asks shareholders for balance payment


Mumbai: Anil Ambani Group company Reliance Power said on 20 February it has asked shareholders to make balance payment by 26 February on shares alloted to them in the IPO to be eligible for bonus shares.

“The balance amount was due on allotment and a notice for the same has been sent to shareholders to make the balance payment on or before 26 February," Reliance Power said in a filing to the Bombay Stock Exchange.

By issuing the notice, the company has complied with Sebi guidelines, and all shares have been made fully paid up, Reliance Power added.

Reliance Power’s IPO had offered a discount to retail investors, and an option of staggered payment to all segments.

Qualified institutional buyers were allowed to pay only 10% initially, while high net worth individuals and retail investors were permitted to pay only 25% of the total cost as initial payment. The remaining amount was to be paid after allotment of shares.

On 17 February, the company had announced it was planning a bonus issue to all shareholders, except promoters, in a bid to compensate them for the losses they suffered on the day of listing of the scrip. The Reliance Power Board is scheduled to meet on 24 February to consider the issue.

According to the filing, in those cases where the balance amount remains unpaid after the stipulated date, “Reliance Power would keep the bonus shares in abeyance and the same shall be given to the respective holders upon receipt of call money".

The record date for the bonus shares shall be fixed in consultation with stock exchanges and in compliance with provisions of the listing agreement, Reliance Power added.

Reliance Power shares were trading at Rs408.50, down 1.16%, on BSE in the morning.