By IANS
Mumbai : The much hyped Reliance Power listed in the bourses Monday with a discount of Rs.20, at Rs.430 against its issue price of Rs.450.
The stock opened the day at Rs.547.80 on the BSE (Bombay Stock Exchange) and touched a high of Rs.599.90 before slumping to Rs.389 in the morning trading session. At 10:46 a.m., it was trading at Rs.445.40, with 21,467,212 shares being traded.
It touched a high of Rs.530 in early trade on the NSE, but a huge sell off pulled it down to Rs.386 early in the morning session. It was trading lower at Rs.445.35, down Rs.4.65 or 1.03 percent by about noon. Rs.23.66 billion were traded through the buying and selling of 54,547,353 shares.
The company had entered the capital market with a public issue of 260 million equity shares of Rs.10 each. The Reliance Power IPO was oversubscribed approximately 70 times.
Reliance Power is the flagship company of the Reliance ADA Group to develop, construct and operate power generation projects. The company is currently developing 12 power projects with a combined planned installed capacity of 28,000 MW, one of the largest portfolios of power generation assets under development.