The stock hit its 5 per cent upper circuit limit at Rs 40.06. With this, the stock is up 35.48 per cent in nine sessions and 67 per cent in 2024 so far.

Reliance Power’s board of directors approved the issue of preferential shares to raise ₹1,524.60 crore, the company said in an exchange filing on Monday.

Reliance Power shares were locked at the upper circuit ahead of its board meeting to consider raising long-term funds, marking its eighth consecutive session of gains.

Reliance Power shares have shown strong performance across multiple time frames, delivering a 10.64% return in the past month and a 38.22% increase over six months. Year-to-date, the stock has surged 59.

Anil Ambani-owned Reliance Power share price has been on an uptrend since the Anil Dhirubhai Ambani Group (ADAG) company declared a board meeting date to consider and approve the fundraising proposal.

The rally in the company's shares follows the announcement of a board meeting scheduled for September 23, 2024, to discuss a significant fundraising proposal.