Reliance Power Share Witnesses Stormy Growth: Reports Block Deal
Reliance Power Share, owned by Anil Ambani’s company, has seen a tremendous surge in the past few days. However, on Friday, there was a decrease of more than 1% in the company’s shares. The shares closed at Rs 13.90 on Friday. The reason for this was a block deal. Through this deal, buying and selling of Reliance Power’s shares took place.
What is the Deal?
According to NSE, Harti Private Limited purchased 2,24,56,185 shares of Reliance Power at an average price of Rs 14.59 and sold 2,21,15,159 shares at an average of Rs 14.63. Similarly, Kuyi Securities purchased 2,10,13,064 shares of Reliance Power at an average price of Rs 14.56 and sold 2,25,01,864 shares at an average price of Rs 14.58.
Reliance Power’s shares had gone up to Rs 261, which was the price it had reached in 2008. Since then, the share has seen a decline of almost 98%. Despite being sluggish for a year, the share has risen by 7.75%. However, in two and three years, it has given a return of nearly 75% and 585%, respectively.
Reliance Power Offers One Time Settlement to Clear VIL Power’s Debt
Reliance Power recently proposed a one-time settlement (OTS) of Rs 1,200 crore to its lenders to clear VIL Power’s debt. As per the proposal, the company offered to make an upfront payment of about Rs 1,200 crore to its lenders. The lenders include Axis Bank, SBI, Bank of Baroda, PNB, Kenra Bank, and Bank of Maharashtra. The company’s outstanding debt was around Rs 2,200 crore until March 31, 2022.
Reliance Power’s Net Profit
Reliance Power’s net profit in the March 2023 quarter stood at Rs 321.79 crore. The company informed the stock market on Wednesday that it had incurred a net loss of Rs 657.89 crore in the January-March quarter of the financial year 2021-22. The company’s total income was Rs 1,856.32 crore in the fourth quarter of the financial year 2022-23, which was Rs 1,878.40 crore in the same quarter a year ago. The company’s board of directors has appointed Punith Narendra Garg as an additional director (non-executive, non-independent).
In conclusion, Reliance Power’s shares have witnessed a stormy growth recently but saw a decrease on Friday due to a block deal. The company has also proposed a one-time settlement to clear VIL Power’s debt and has seen a net profit in the March 2023 quarter.
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