Mon Sep 23 08:10:58 UTC 2024: ## Reliance Power Shares Soar Ahead of Board Meeting to Discuss Fundraising

**Mumbai, India** – Shares of Reliance Power surged 5% to Rs 38.16 in early trading today, marking the 8th consecutive day of gains for the power sector stock. The company’s board of directors is scheduled to meet on September 23rd to discuss and approve the raising of long-term resources from both domestic and global markets.

The company is considering various methods for fundraising, including the issuance of equity shares, equity-linked securities, warrants convertible into equity shares, preferential issues, qualified institutional placements, rights issues, and foreign currency convertible bonds. The board will also determine the issue price, if applicable, and seek necessary approvals from members and other relevant authorities.

This surge in Reliance Power’s stock price follows last week’s news that the company had been released from its corporate guarantees and obligations related to the outstanding debt of its subsidiary, Vidarbha Industries Power Limited (VIPL). The company settled all disputes with CFM Asset Reconstruction Private Limited (CFM) by pledging 100% of VIPL shares in favor of CFM.

The stock’s relative strength index (RSI) currently stands at 70.8, indicating that it is trading in the overbought zone. However, the stock’s beta of 0.9 suggests low volatility over the past year.

Reliance Power’s market capitalization has climbed to Rs 15,328 crore, with 24.91 lakh shares changing hands on BSE, amounting to a turnover of Rs 9.50 crore.

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