Reliance Infrastructure along with other promoter group companies - Reliance Innoventures and AAA Project Ventures, has proposed to sell 152,051,807 equity shares of the face value of Rs 10 each aggregating to approximately 5.42% of the paid up equity share capital of Reliance Power exclusively through a sale on the separate window provided by the BSE for this purpose.
The sale shall commence on December 19, 2012 at 12 p.m. and shall close on the same day at 3 p.m. The sole selling broker for the transaction is Axis Capital.
Pursuant to sale of these shares, the public shareholding in Reliance Power will increase to 25%, thereby improving liquidity, apart from meeting regulatory requirements. As per applicable guidelines, the 255 shareholding threshold is required to be met by June, 2013.
