Reliance Power shares hit 5% upper circuit for 6th straight day, reach fresh 52-week high. Here's why
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Shares of Reliance Power surged to a new 52-week high, hitting their 5% upper circuit for the sixth consecutive session on Tuesday at Rs 42.06 on the BSE. The stock has been in the spotlight recently, with its latest rally following a significant announcement made during the company’s board meeting on Monday. Reliance Power's board approved the issuance of up to 46.2 crore equity shares and/or warrants worth Rs 1,525 crore through a preferential allotment. In a filing to the exchanges, the company stated, "The Board of Directors, at its meeting held on Monday, September 23, 2024, has approved the issuance of up to 46.20 crore equity shares and/or warrants convertible into equity shares at an issue price of Rs 33 per share, aggregating Rs 1,524.60 crore through preferential allotment." Also Read: KRN Heat Exchanger IPO opens for subscription; GMP at 110%. Should you bid? Reliance Infrastructure Limited, the company’s promoter...