Make balance payment to get bonus shares: RPower

[Sukumar]

Mumbai: Anil Ambani Group company Reliance Power on Wednesday said it
has asked shareholders to make balance payment by February 26 on
shares alloted to them in the IPO to be eligible for bonus shares.

"The balance amount was due on allotment and a notice for the same has
been sent to shareholders to make the balance payment on or before
February 26," Reliance Power said in a filing to the Bombay Stock
Exchange.

By issuing the notice, the company has complied with SEBI guidelines,
and all shares have been made fully paid up, Reliance Power added.

Reliance Power's IPO had offered a discount to retail investors, and
an option of staggered payment to all segments.

Qualified institutional buyers were allowed to pay only 10 per cent
initially, while high net worth individuals and retail investors were
permitted to pay only 25 per cent of the total cost as initial
payment. The remaining amount was to be paid after allotment of
shares.

On February 17, the company had announced it was planning a bonus
issue to all shareholders, except promoters, in a bid to compensate
them for the losses they suffered on the day of listing of the scrip.
The Reliance Power Board is scheduled to meet on February 24 to
consider the issue.

According to the filing, in those cases where the balance amount
remains unpaid after the stipulated date, "Reliance Power would keep
the bonus shares in abeyance and the same shall be given to the
respective holders upon receipt of call money".

The record date for the bonus shares shall be fixed in consultation
with stock exchanges and in compliance with provisions of the listing
agreement, Reliance Power added.