We are talking about Reliance Power Limited. The shares rose 5 percent in Tuesday's trading. On September 24, 2024, the stock opened at Rs 40.05 against the closing price of Rs 38.15. After this, the stock got locked at the upper circuit of Rs 40.05. The stock has seen a rise for the ninth consecutive session. The stock is locked at the upper circuit.

Now let us tell you about the news...  There is news that the company is expanding its renewable energy portfolio. Promoters - Reliance Infrastructure Limited and two entities Authum Investment and Infrastructure Limited and Sanatan Financial Advisory Services Private Limited (Sanjay Kothari and Meenakshi Sanjay Kothari) are going to issue 46.20 crore equity shares worth Rs 1,524.60 crore on a preferential basis.

These shares will be issued at a price of Rs 33. The effect of this news has been seen on the stock.  Reliance Power now intends to increase its focus on renewable energy. The stock has grown 67 per cent so far in the year 2024 and 111 per cent in the last one year. After the allotment, Reliance Infrastructure will have a 24.88 per cent stake and the total stake of the promoter group will increase to 24.95 per cent after the allotment of 18,31,00,000 equity shares. As on June 30, they held 93,01,04,490 shares or 23.15 per cent stake in Reliance Power. Authum Investment & Infrastructure will hold 6.59 per cent stake after allotment of 21,82,00,000 equity shares. As on June 30, this company held 7,67,77,000 shares or 1.91 per cent stake in Reliance Power. After allotment, Sanatan Financial Advisory Services Private Limited will hold 1.36 per cent stake in Reliance Power. Apart from RE investments, Reliance Power will also invest in its subsidiaries and joint ventures. A part of the proceeds (i.e. Rs 340 crore) will go towards replacing the existing loan taken by the company from Reliance Infrastructure Limited and thereby reducing the existing debt of Reliance Power.