The Hindu Business Line : REL calls for EGM on July 19 to approve pref issue

RELIANCE Energy Ltd has called for an extraordinary general meeting of its members on July 19 to approve a preferential issue of equity shares that was proposed by the board at its meeting held on June 19.

The board had proposed a preferential offer at a minimum price of Rs 573 per equity share of Rs 10 each, with the aggregate amount of securities issued not exceeding Rs 1,750 crore.

The move is aimed at generating long-term resources for accelerating the company's growth plans in the generation, transmission and distribution of power.

For coal-based power, Reliance Energy Generation Ltd (REGL) has been pre-qualified for implementing the 1,000-MW Anpara Power Project in Uttar Pradesh, while it has initiated steps to develop a 12,000-MW project in phases in Orissa. In the gas-based power segment, the company is developing a 3,740-MW project near Dadri in Uttar Pradesh at a cost of Rs 11,000 crore.

In the transmission sector, the company has been selected as the preferred bidder by the Power Grid Corporation of India for a joint venture partner to set up transmission lines for the Parbati and Koldam hydro-electric projects in Himachal Pradesh.

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