Multibagger Reliance Power share price hits 5% lower circuit after 80% rally in a month to 1-year high

Stock Market Today: Multibagger Reliance Power share price after hitting a one-year high of ₹54.25 on Friday, October 4, was locked in the 5% lower circuit.

The Reliance Power share price opened at ₹54.25 on the BSE, over 1% higher than the previous close of ₹53.65. The stock also hit a one-year (52-week) high of ₹54.25 on the BSE. However, thereafter, Reliance Power share price slipped 5%, hitting the lower price band or circuit limit at ₹50.97.

On the NSE also Reliance Power share price was locked in the lower price band of ₹50.95, down 5%. 

Despite today's decline, the stock has given more than 80% returns in a month. Meanwhile, it has gained over 170% in a year, giving multibagger returns to investors.

Reliance Power share price remains in focus after reducing debt substantially and amid fundraising.

Reliance Power in focus on settlement of debt obligations, fund raising

The Board of Directors of Reliance Power at a Meeting held on Thursday, October 3, 2024, approved the issue of up to $500 million ( ₹4,200 crore) ultra-low cost interest of 5% per annum, unsecured, 10-year long tenure Foreign Currency Convertible Bonds (FCCBs), on a private placement basis to affiliates of Värde Investment Partners, LP.

Reliance Power on September 17 announced the settlement of obligations worth ₹3,872.04 crore debt towards the corporate guarantee to the lenders of its former subsidiary, Vidarbha Industries Power Limited (VIPL), as per an exchange filing.

Reliance Power has zero debt from banks and financial institutions, the company said in an exchange filing.

The net worth of Reliance Power is ₹11,155 Crore as on June 30, 2024 on a consolidated basis

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