New BSE entrant: Ambani at IPO listing of Reliance in Mumbai

From the archive record

The Board of Reliance Power approved a proposal for issuing bonus shares to all categories of shareholders, excluding the promoter group (comprising the Reliance Energy Limited and the Anil Dhirubhai Ambani Group), in the ratio of 3 shares for every 5 shares held. This announcement came in a short span of time (just 10 trading days) since the company was listed on the stock exchanges on February 11, 2008, which saw a steep fall in its share price by 11 to 15 per cent compared to its initial offer price. The offer will reduce the cost of Reliance Power shares below its Initial Public Offer (IPO) price: Rs.269 per share for retail investors, 40 per cent lower than the IPO price of Rs.430; and Rs.281 per share for other investors, 37 per cent lower than the IPO price of Rs. 450. In a related