Reliance Power shareholders approve bonus issue

April 22nd, 2008 - 4:27 pm ICT by admin  

Mumbai, April 22 (IANS) Reliance Power has received shareholders’ approval to issue 3:5 bonus shares to its shareholders excluding chairman Anil Ambani and other promoters. “The shareholders through postal ballot have approved the proposals entailing that no allotment of bonus shares will be made to Anil Ambani and other promoters who waived their entitlement to such shares,” the company informed the Bombay Stock Exchange Tuesday.

Reliance Power had recommended the issue of 136.8 million bonus shares in the ratio of three new equity shares of Rs.10 each for every five existing equity shares of Rs.10 held by the shareholders in the public category (excluding the promoters).

Ambani has gifted 61.5 million shares of Reliance Power to Reliance Energy, both part of the Reliance Anil Dhirubhai Ambani group, to ensure no dilution in holdings of the latter in the former, the statement added.

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