The number of foreign institutional investors (FIIs) owning shares of Reliance Power has more than halved to 97, as against 256 prior to the company's listing on February 11, an analysis of its shareholding patterns shows.
Besides, the number of domestic institutions and that of non-institutional investors owning the company stock also fell considerably, resulting into a total exodus of over one lakh shareholders from the company post its listing.
Still, the company has managed to maintain a wide lead as the country's largest company in terms of shareholder base.
According to its latest shareholding pattern filed with the bourses, the company had a shareholder base of over 40.4 lakh as on March 31.
In comparison, the second largest shareholder base firm Reliance Natural Resources Ltd, which is also part of Anil Ambani group, has about 25.94 lakh investors.
Post-allotment of shares in its $3 billion initial public offer, Reliance Power had a shareholder base of over 41.7 lakh, a stock market circular had said in February.
Interestingly, Reliance Power, is the only one among the 10 largest in terms of number of shareholders, that has seen its number of shareholders declining. However, the comparison period for other companies is between December 31, 2007 and March 31 this year, while for Reliance Power it is between just before its listing on February 11 and the March-end.
Reliance Power IPO, the largest in the country, had seen an unprecedented demand about $200 billion after getting oversubscribed more than 73 times.
However, the company could not repeat this spectacular performance at the time of its listing and the shares closed below the offer price of Rs 450 in its first day of trade.
Amid further weakness in its stock, which coincided with an overall bearish market trend, it proposed an unprecedented bonus issue of three shares to non-promoter shareholders for every five held by them.
Prior to that, it had given a discount of Rs 20 per share to retail investors in its IPO. Those owning Reliance Power shares as on June 2, but excluding promoters, were entitled for the bonus shares. This bonus notwithstanding, the number of institutional investors has declined to one-third of 601 on pre-listing to 200 as on March 31. The number of non-institutional investors has also declined to 40,40,672 from 41,72,606 before the listing.
The number of promoter group shareholders, which include Reliance Energy and Anil Ambani majority-owned AAA Project Ventures Pvt Ltd, has remained unchanged at 14.
Among the institutional investors, a marked decline has been in the number of FIIs, while that of domestic institutions has also fell to 103, from 345 previously.
The number of individual shareholders holding shares worth over Rs 1 lakh has fallen to 184, from 250, while that of those having shares worth upto Rs one lakh has dropped to 40,23,042 from 41,68,269. In terms of percentage shareholding also, FII holding has fallen to 3.69 per cent, from 4.62 per cent earlier.
The overall institutional holding has dropped to 4.53 per cent from 6.05 per cent. But, the holding of non-institutional investors has increased from 4.03 per cent to 5.56 per cent.
The additional shares have been purchased mostly by smaller investors, having stock worth up to Rs 1 lakh, whose holding has risen to 4.28 per cent, from 3.31 per cent. Those owing shares worth in excess of Rs 1 lakh have pared their holding to 0.22 per cent from 0.33 per cent.
