Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.