Reliance Power share price rises 5%, hits upper Circuit. Plans to raise long term resources

Stock Market Today: The Reliance Power share price gained 5% in morning trades on Thursday. Reliance Power share price also hit upper price Band.

Reliance Power announced that its Board of Directors will meet on 23 September to consider and approve long term resources

Reliance Power share price opened at ₹34.62 on the BSE on Thursday , 5% higher than previous close of ₹32.98. Reliance Power shares thereafter remained locked in the upper price limit.

Reliance Power on Thursday announced that the meeting of the Board of Directors of the Company is scheduled on 23/09/2024 ,inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members' and other approval(s), as the Board may deem appropriate.

Reliance Power share price has risen 15% in past 5 days on positive developments.

Reliance Power also had said that it has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.

News reports also suggest that the clearance and settlement of loan disputes pertaining to Vidarbha Industries Power may also lead to clearance of stumbling block in discussions between Reliance Power and Adani group . Adani Group is said to be keen on purchasing Thermal power plant that supplies power to Mumbai.

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