Rel Energy allots 97.5 lakh shares to RPVL

Reliance Energy (REL) alloted 97.5 lakh equity shares to Reliance Power Ventures (RPVL) on conversion of warrants.

According to a release issued by Reliance Energy to the BSE, a decision to this effect was taken at the meeting of the committee of directors held on May 2, 2005, and it alloted equity shares of Rs 10 each at a premium of Rs 630 to RPVL on conversion of warrants.

The company received shareholders nod at the extraordinary general meeting on March 22, 2004, pursuant to the SEBI (DIP) guidelines, 2000, the release said.

It further said the company had alloted warrants of Rs 640 each to one of the promoter companies viz. Reliance Power Ventures (RPVL) on April 2, 2004.

Each of these warrants are convertible into one equity share of Rs 10 each at a premium of Rs 630 each. RPVL had paid 90% of the issue price of warrants, that is, Rs 576 per warrant.

RPVL, in exercise of the option of conversion, paid the balance amount of Rs 64 per warrant and applied for allotment of 97,50,000 equity shares on the above terms, the release added.