Winning Bizness Desk
Mumbai - Even though Anil Ambani's power company, Reliance Power is burdened with debt, but investors who bet on it have got solid returns. Reliance Power's stock has risen up to 37 per cent within just two trading days. With this, the share price has also reached the highest level of 52 weeks. On Friday, the share price of Reliance Power reached a 52-week high of Rs 23.75. The stock jumped nearly 18 per cent from its previous close of Rs 20.28. The market capitalization (m-cap) of Reliance Power has risen to over Rs 7,700 crore on the BSE.
FIIs made heavy purchases in Reliance Power
Foreign Institutional Investors (FIIs) have made tremendous purchases in Reliance Power. The company is among 32 listed stocks in which FIIs have increased their stake by at least 3 per cent in the past one year. Let us tell you that in early July this year, shareholders of Reliance Power had turned down a special proposal for monetization of their assets during the Annual General Meeting (AGM). All special resolutions were required to be approved by a vote of 75 percent or more of the shareholders.