Taking the investing community by surprise, the Anil Ambani group today announced to consider free bonus shares to all non-promoter shareholders in Reliance Power, while alleging that corporate rivals were pulling down share prices of all group companies.
Reliance Power also demanded a probe by market regulator SEBI into "a vicious and orchestrated campaign of market manipulation and market abuse unleashed by unscrupulous rival corporate interests to hammer down all Reliance ADA stocks".
The company said its board would consider the free bonus shares at a meeting next Sunday, February 24, to benefit over four million of its investors and the cost would be accepted by promoter group by way of diluting its shareholding.
The unprecedented move comes a week after the dismal opening of Reliance Power at the stock exchanges. The scrip, after listing at Rs 547.8, slid into red within a minute and closed the day at Rs 372, a level much below the issue price.
After a fabulous response for the IPO that saw a demand of Rs 7,50,000 crore for the issue of Rs 11,560 crore, the listing-day blues had led to severe criticism of Anil Ambani.
The IPO was the maiden market venture after he created his own group in 2005, and was the worst ever opening for an Ambani IPO.
Story contributed by DDINews: Read More
Reliance Power also demanded a probe by market regulator SEBI into "a vicious and orchestrated campaign of market manipulation and market abuse unleashed by unscrupulous rival corporate interests to hammer down all Reliance ADA stocks".
The company said its board would consider the free bonus shares at a meeting next Sunday, February 24, to benefit over four million of its investors and the cost would be accepted by promoter group by way of diluting its shareholding.
The unprecedented move comes a week after the dismal opening of Reliance Power at the stock exchanges. The scrip, after listing at Rs 547.8, slid into red within a minute and closed the day at Rs 372, a level much below the issue price.
After a fabulous response for the IPO that saw a demand of Rs 7,50,000 crore for the issue of Rs 11,560 crore, the listing-day blues had led to severe criticism of Anil Ambani.
The IPO was the maiden market venture after he created his own group in 2005, and was the worst ever opening for an Ambani IPO.
Story contributed by DDINews: Read More
