The Board of Directors of Reliance Power Limited (Reliance Power) at its meeting held today has approved raising of INR 1524.60 crore by preferential issue of upto 46.20 crore equity shares and /or warrants convertible into equivalent number of equity shares of the Company at a price of INR 33/- per Share/warrant, arrived at in accordance with the SEBI ICDR Regulations.
Reliance Infrastructure Limited, the promoter of the company will enhance its equity stake by over INR 600 crore. The other investors in the Preferential Issue are Authum Investment and Infrastructure Limited and Sanatan Financial Advisory Services Private Limited.
The Preferential Issue shall be made in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable law.
The Preferential Issue proceeds would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes.
Preferential Issue will enhance the Company's networth from over INR 11,155 crore to over INR 12,680 crore. The listed entity has ZERO bank debt.
The enhanced capital will support the company's participation in the renewable energy sector.
The Board also approved issuance of postal ballot to seek shareholders' approval for the preferential Issue.
The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.
Shares of Reliance Power Limited was last trading in BSE at Rs. 38.16 as compared to the previous close of Rs. 36.35. The total number of shares traded during the day was 3507727 in over 7313 trades.
The stock hit an intraday high of Rs. 38.16 and intraday low of 38.16. The net turnover during the day was Rs. 133854862.00. |
