Companies

Reliance Power investors approve fund-raising plans

Our Bureau Mumbai | Updated on July 14, 2021

The issue to promoter company Reliance Infrastructure will help reduce debt by ₹1,325 crore

The shareholders of Reliance Power, through postal ballot, have approved the preferential issue of equity shares and warrants. The issue to promoter company Reliance Infrastructure will help reduce debt by ₹1,325 crore.

The company will allot 59.50 crore equity shares and 73 crore warrants convertible into equivalent number of equity shares of the company at ₹10 each by conversion of debt, aggregating upto ₹1,325 crore, to Reliance Infrastructure, a listed promoter company.

Reliance Infrastructure and other promoter group holdings in Reliance Power will increase to 24.98 per cent and further to 38.24 per cent on conversion of warrants.

Also read: RPower to sell Samalkot project equipment to cut debt

The shareholders of Reliance Power have also approved fundraising by issue of foreign currency convertible bonds upto 50 per cent of the then net worth of the company and securities through qualified institutions placement upto 25 per cent of the then net worth of the company, it said.

Published on July 14, 2021

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