Shares of Reliance Power Ltd. surged over 12% on Friday, May 23, to trade at ₹50.34marking one of the day’s top gainers on the NSE. The rally comes just a day after a marginal 1% gain on Thursday, driven by significant corporate developments and investor buzz.

The stock hit an intraday high of ₹50.20, climbing from a previous close of ₹44.59. With this sharp move, Reliance Power’s market capitalization soared to ₹206.37 billion.

Reliance Power, led by Anil Ambani, made headlines on Thursday after executing a preferential allotment of 1.33 crore fully paid-up equity shares worth ₹43.89 crore. The shares were issued at ₹33 each, a 26% discount to Tuesday’s closing price of ₹44.73.

The discounted allotment, carried out under SEBI’s ICDR norms, was part of warrant conversion exercised by the two entities.

Green Energy Deal in Bhutan

Adding to the investor optimism, Reliance Power also entered into a landmark renewable energy partnership in Bhutansignaling expansion in the clean energy space. This aligns with the company’s long-term strategic pivot towards sustainable power solutions.

Stock Performance Snapshot