Mumbai, Feb 25: Reliance Power today surged up by 8.45 per cent to close positive at Rs 452.10 on the Bombay Stock Exchange (BSE), above its issue price of Rs 450 following the announcement of bonus shares. The company's board approved issue of three bonus shares for every five held yesterday, to compensate for the slump in the stock price post listing, a leading stock-broker said.
This is the first time the stock is trading at premium as compared to its issue price of Rs 450 per share. On its listing on February 11, the stock debuted at Rs 547.80 and hit a high of Rs 599.90. However, barely within minute of its debut, it started declining and slipped to a discount. Meanwhile, the BSE Sensex was up 221.55 points or 1.28 per cent to 17,570.55 in volatile trade. The Reliance Power counter saw high volumes of 1.46 crore shares on BSE. It was the top traded counter with turnover of Rs 618.84 crore. The stock hit a high of Rs 455.10 and low of Rs 421.40 so far during the day. The stock had hit a 52-week high of Rs 599.90 on February 11 and a 52-week low of Rs 332.50 on February 13.
The current equity share capital of Reliance Power is Rs 2259.82 crore, which will increase to Rs 2397 crore after this bonus issue. Face value per share is Rs 10.