This Article is From Dec 17, 2012

Reliance Power's three promoters to sell 5.42 per cent stake

New Delhi:

Reliance Power today said three of its promoters will offload 5.42 per cent stake in the firm, a move that would help the Anil Ambani group company to comply with the minimum public shareholding norms.

The shares will be sold through Offer for Sale (OFS) on December 19, R-Power said in a regulatory filing.

Reliance Infrastructure Ltd, Reliance Innoventures Pvt Ltd and AAA Project Ventures Private Ltd will together sell more than 15.21 crore equity shares, making up about 5.42 per cent stake in the company.

At the end of September 2012, promoters held 80.42 per cent stake in Reliance Power.

Capital market regulator Sebi has asked all private sector listed companies to have minimum public shareholding of 25 per cent by June 2013.

About 200 companies are estimated to be required to meet the norms. These firms would need to sell shares worth around Rs 30,000 crore to be in compliance with the regulations.

Some of the companies where the promoter holding was more than 75 per cent at the end of July-September quarter included DLF, Jet Airways, Wipro, Tata Communications, Tata Tele, Sun TV, L&T Finance, Omaxe and Fortis Healthcare.

R-Power scrip closed flat at Rs 100.10 on the BSE.