Shares of Reliance Power tanked 9.8 per cent intra-day to Rs 19.2 apiece on the BSE in an otherwise firm market on Friday after the company said it would raise funds via private placement of shares. At 10:14 AM, the shares were down 9 per cent at Rs 19.3 as against a 0.5 per cent gain in the benchmark Sensex index.
The company, on Thursday, said that it would raise Rs 933 crore through a private placement of shares to VFSI Holdings, an affiliate of investment firm Varde Partners. This would result in VFSI picking up a 15 per cent stake in the company.
