R-Power receives shareholders's approval on bonus

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Mumbai, Apr 22 (UNI) Anil Dhirubhai Ambani group promoted Reliance Power, today said it has received shareholder's approval for issue of bonus shares to the shareholders, excluding Anil D Ambani and other promoters.

The shareholders have accorded their approval for issue of bonus shares in 3:5 ratio, wherein three new equity shares would be allotted for every five existing equity shares held, Reliance Power said in a statement here today.

''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,'' R-Power said.

The Company had recommended the issue of 13.68 crore 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 of the Company in the public category, excluding the promoters.

The promoters of Reliance Power includes AAA Project Ventures Private Limited, an entity fully-owned and controlled by Anil Ambani and promoter of Reliance Energy Limited (REL) and REL itself, the release added.


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