Shares of Reliance Power has rallied a whopping 55 per cent in the past nine sessions. From Rs 31.40 to Rs 48.66, the Anil Ambani led company's stock has been hitting back-to-back upper circuits.

Reliance Power shares hit a 5 percent lower circuit amid market sell-off. The company on October 3 announced a Rs 4,200 crore Foreign Currency Convertible Bonds (FCCBs) issuance.

Reliance Power recently made a strategic move by allotting a massive amount of 46.20 crore equity shares, which are valued at a sky-high Rs 1,524.60 crore.

Reliance Power said the FCCBs would be convertible into 82.30 crore equity shares of Rs 10 apiece at the conversion price of Rs 51, including a premium of Rs 41 per equity share.

Reliance Power recently announced that it has cleared all its debt with banks and financial institutions, achieving zero debt as of June 30. Its net worth stands at Rs 11,155 crore on a consolidated basis.