By IANS,
Mumbai: Share price of companies in the Anil Ambani-led Reliance Group saw a significant upswing Tuesday on the back of a slew of announcements at their back-to-back shareholders’ meetings that ranged from a special dividend to strategic sale.
At the Bombay Stock Exchange the shares of Reliance Communications, for example, closed 4.70 percent higher at Rs.50.15. It witnessed an intra-day high of Rs.50.80.
At its annual general meeting, Ambani said Reliance Communications will consider selling a stake in its telecom towers arm as part of a definite medium-term plan to reduce debt that has topped nearly $6.5 billion and unlock value for shareholders.
The Scrip of Reliance Capital also rose 3.39 percent to Rs.331.15. It had an intra-day high of Rs.331.95. In this case, the chairman had said the board will consider a special dividend Sep 10 to mark 25 years in the business.
He also said the group will consider an initial public offering for its life insurance arm at an appropriate time. The life insurance arm already has a strategic investor in Nippon Life.
Reliance Power closed 1.49 percent up at Rs.78.45 after touching an intra-day high of Rs.79.40, while Reliance Infrastructure ended the day 1.36 percent higher at Rs.446.35, after touching a high of Rs.448 in the intra-day.