Reliance Power stock jumps after BlackRock fund buys stake | Techno Glob


Reliance Power shares have trended higher over the past couple of sessions following the announcement of BalckRock’s leading ETFs – iShares MSCI India Small Cap ETF and iShares Core MSCI Emerging Markets ETF – buying a stake in the company owned by Anil Ambani . In a block deal executed on September 3, 2022, the Blackrock fund bought a stake in this troubled Reliance Power. However, after this news broke, Reliance Power’s stock price has been steadily rising for the past two sessions.

Reliance Power stock price opened higher today and hit an intraday high of 17.50 levels each, registering an increase of more than 6% in the last two sessions. On Thursday, shares of Reliance Power had closed at 16.75 levels each means shares of this Anil Ambani-owned company rose more than 4% in early morning trading during Friday’s trading session.

According to available BSE block trade information, BlackRock’s ETF, iShares MSCI India Small Cap ETF bought 11,89,220 Reliance Power shares by paying 4:40 p.m. each. This means that BlackRock’s core ETF has invested 1.95.03.208 or 1.95 crore in this share of Anil Dhirubhai Ambani Group or ADAG. Similarly, BlackRock’s iShares Core MSCI Emerging Markets ETF bought 72,03,127 Reliance Power shares by paying 4:40 p.m. each. This means that this core BlackRock ETF has invested 11,81,31,282.80 or around 11.81 crore in this ADAG stock.

According to Reliance Power’s shareholding pattern for the April-June 2022 quarter, the REITs own 26,47,64,114 shares or 7.79% of the company’s equity. Of that 7.79% stake, REITs like the Vanguard Emerging Markets Stock Index Fund own 3,56,72,087 shares or 1.05% of the company, while the Vanguard Total International Stock Index Fund owns 3,40,63,528 Reliance Power shares, i.e. 1% of the company’s total share capital.

Among the DIIs, Life Insurance Corporation of India or LIC of India owns 10,27,58,930 Reliance Power shares or 3.02% of the total paid up capital of the company.

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