Bonus record date powers Reliance Power
Reliance Power gained 2.05% to Rs 419.60 at 13:43 IST on BSE, extending its recent rally, ahead of the record date for bonus issue. From Rs 387.50 on 25 April 2008 – the day when the company set 2 June 2008 as the record date for bonus issue, the stock has gained 8.28%. The stock hit a high of Rs 426.90 and a low of Rs 406.65 so far during the day. The stock had a 52-week high of Rs 599.90 on 11 February 2008 and a 52-week low of Rs 303.45 on 24 March 2008.
The large-cap scrip had outperformed the market over the past one month till 7 May 2008, advancing 17.12% compared to the Sensex’s return of 11.24%. The company’s current equity is Rs 2,259.82 crore. Face value per share is Rs 10.
At the current price of Rs 419.60, the scrip trades at a PE multiple of 999.04, based on full year ended March 2008 EPS of Rs 0.42.
In a meeting held on 25 February 2008, Reliance Power’s board of directors approved 3:5 (3 bonus shares for every 5 shares held) bonus issue to all shareholders, excluding the promoter group comprising of Reliance Energy and the Anil Dhirubhai Ambani Group (ADAG).
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