IRIS reported that Reliance Power fell on December 20th Thursday following completion of 5.42% stake sale by the promoter group companies via Open Offer for Sale on December 19th Wednesday.
The OFS received bids worth INR 23 billion and was oversubscribed nearly 1.6 times from large number of foreign and dogmatic institutional and other categories in investors.
The promoters sold stake to facilitate compliance of RPower with applicable SEBI Guidelines on minimum 25% public shareholding for listed entities.
Source:
http://www.steelguru.com/indian_news/Reliance_Power_down_by_2pct_post_stake_sale/295882.html
