In an unprecedented move, Anil Ambani Group company -- Reliance Power -- will offer free bonus shares to all its shareholders to compensate the losses they suffered when the company was listed a week ago.
"Reliance Power board will consider issuing free bonus shares to all shareholders excluding the promoters," a group spokesperson said.
On the day of its listing at Rs 547.8 a share, Reliance Power performed miserably at the stock exchanges and closed the day nearly 32 per cent lower. The IPO had attracted a total demand of about Rs 7,50,000 crore and the company had issued the shares at Rs 450 while giving a discount Rs 20 a share to retail investors.
Taking the investing community by surprise, the Anil Ambani group on Sunday (February 17) announced to consider free bonus shares to all non-promoter shareholders in Reliance Power, while alleging that corporate rivals were pulling down share prices of all group companies.
Meanwhile, in a reltated development, Reliance Power also demanded a probe by market regulator SEBI into "a vicious and orchestrated campaign of market manipulation and market abuse unleashed by unscrupulous rival corporate interests to hammer down all Reliance ADA stocks". The company said its board would consider the free bonus shares at a meeting next Sunday (February 24) to benefit over four million of its investors and the cost would be accepted by promoter group by way of diluting its shareholders.
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