FII buying lifts Reliance Energy to a new high

DALAL STREET SPIKES

Reliance Energy (formerly BSES) hit an all-time high of Rs 817 on Wednesday on the back of strong institutional buying. The stock ended lower at Rs 799.80.

According to market sources, three leading FII brokers were active buyers at the counter. The stock was in the limelight after the company said it would raise $178 million through FCCBs issued at a 30 per cent premium to Monday's closing price of Rs 774.55.

The Reliance Energy stock has risen 72 per cent from Rs 473.15 on 22 January 2004 to its current levels of Rs 814.

As on 31 December 2003, promoters hold 52.55 per cent stake in the company, while the public, institutions and foreign bodies hold 8.39 per cent, 22.53 per cent and 16 per cent, respectively.