R-Power sets bonus at 3:5
Anil Ambani’s Reliance Power (R-Power) will offer three bonus shares for every five held in order to reduce the cost of acquisition for investors who had bought at the time of its record Rs 12,000-crore IPO. The bonus shares will be issued to all shareholders, except the promoter groups, Reliance Energy (REL) and Anil Ambani’s personal investment vehicles. Mr Ambani also announced that he will transfer 2.6% of his personal stake in R-Power worth Rs 4,700 crore to REL in order to compensate the company for the dilution of its stake in R-Power. The move is to ensure that REL’s shareholding remains unchanged at 45% in R-Power even though it has declined to accept the bonus issue.The dual move is expected to reduce the cost of acquisition of R-Power stock substantially — 40% for retail shareholders to Rs 269 per share and 37% to Rs 281 for others. It will also bring down Mr Ambani’s shareholding in R-Power by 5% to 40%.
BHEL, NPCIL plan JV for nuclear power plants
Power equipment major Bharat Heavy Electricals Ltd (BHEL) and Nuclear Power Corporation of India (NPCIL) are planning to float a joint venture to take up construction activities for nuclear power plants. The plan is to have a special company for undertaking equipment, procurement and construction (EPC) business for power plants. However details of the new company’s operations have not been finalised. At present, NPCIL generates about 3,900 MW of electricity from its 16 power plants. The company plans to more than double its capacity to 10,000 MW over the next six years. NPCIL plans to add 2,660 MW over the next two years, taking the total number of reactors to 23 with a capacity of 7,280 MW.
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