- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Here's why Anil Ambani's Reliance Power shares hitting upper circuit
The company’s shares have surged by 122 per cent since the past year, climbing from Rs 18.95 to over Rs 42.05.
Updated : Sep 25, 2024, 10:04 PM IST
 "Anil Ambani")
TRENDING NOW
)
Mukesh Ambani's company's profit rises to Rs 325 crore days after acquiring entire stake of India's largest govt bank in...
)
Barack Obama and Michelle Obama finally address divorce rumours, say 'It was...'
)
What is Kanwar Yatra, how did it begin? Lord Shiva gulped poison, then THIS happened...
)
Bomb scare: More than 20 schools in Delhi receive bomb threats, here's what we know so far
)
This college records Rs 10000000 placement package for 2025 batch, not IIT Delhi, IIT Bombay, IIM Ahmedabad, it is...
)
Saiyaara Twitter review: Mohit Suri's romantic drama will be 'all time blockbuster', fans call Ahaan Panday, Aneet Padda 'superstars of tomorrow'
)
India's BIG statement on US President Donald Trump, NATO's sanction threat on Russian imports, says, 'Not worried at all...'
)
10 most handsome men in the World: This BTS member beats Hrithik Roshan, Chris Evans, Brad Pitt
)
Saiyaara: Ahaan Panday, Aneet Padda's acting fees are..., budget of Mohit Suri's directorial is..., to become blockbuster, it needs to earn at least..
)
Meet woman who failed four times in UPSC exam and finally cracked it with AIR..., is now CEO of...
)
'Rajesh Khanna used to hit on my hips, touch his...': Mumtaz reveals why people thought she had...
)
US takes BIG step on Pahalgam terror attack, declares LeT proxy The Resistance Front as...
)
US embassy's BIG warning to visa holders, says, 'Will revoke their visas if they don't...'
)
Who is Yulia Svyrydenko? Ukraine's new PM appointed by Zelenskyy, amid war with Russia, she brokered deal with Trump administration, it was...
)
Saiyaara box office prediction day 1: Ahaan Panday, Aneet Padda film set to become biggest opening movie with debutants, likely to earn over Rs...
Anil Ambani has been in the news for the past few weeks for several reasons. Recently, his Reliance Infrastructure Ltd reduced its Rs 3831 crore debt by 87 per cent to Rs 475 crore. Later, Reliance Power announced that it had become a debt-free company. Ever since the news came in, shares of the company have hit the upper circuit. Even on Wednesday, the shares saw a nearly 5 per cent gain and closed at Rs 42.05. The company’s shares have surged by 122 per cent since the past year, climbing from Rs 18.95 to over Rs 42.05. The market cap of the company reached Rs 16891 crore on September 25.
This growth has mainly been driven by the company’s big decision to become debt-free. This has made investors invest in the company. The transformation of Reliance Power began in December last year when it started repaying its massive debts. By March 2024, it had repaid loans amounting to Rs 1,023 crore, then Rs 800 crore in August. Most recently, the company settled a Rs 3,872 crore loan with banks, giving it a debt-free status.
Reliance Power's board approved the preferential issue on Monday, with over Rs 600 crore coming from its promoter company, Reliance Infrastructure, and the remaining Rs 900 crore from Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. This preferential issue is expected to boost Reliance Power's net worth from Rs 11,155 crore to over Rs 12,680 crore, maintaining its zero-bank-debt status, according to company stock marketing filing. The proceeds will be used to expand business operations, either directly or through investments in its subsidiaries.
