Rel Energy arm to invest in Madhucon

The board of directors of Madhucon Projects, which met today, has approved a proposal for preferential allotment of four lakh shares at Rs 390 per share.

According to a release issued by the company to the BSE today, the allotment has a lock-in of one year.

While Reliance Energy Investments will invest Rs 13.65 crore to subscribe to 3.50 lakh shares, Rajani Jain will bring in Rs 1.95 crore to pick up 50,000 shares, the release added.

The stock was up 1.6% (Rs 7) at Rs 450 on the BSE today.