Reliance Power to offload 15% stake to VFSI Holdings for 933 crore

Anil Ambani's Reliance Power Ltd (RPL) will raise Rs 933 crore by offloading a 15% stake in the company to VFSI Holdings, the company said in an exchange filing on Thursday.

"Issuance of up to 60 crore equity shares and/or warrants convertible into equity shares through preferential allotment on a private placement basis to VFSI Holdings Pte. Limited, and in this regard, to enter into an investment agreement with the investor," Reliance Power said.

VFS Holdings is an affiliate of Värde Investment Partners LP, a global alternative investment firm.

RPL's scrip ended at Rs 21.30, down 1.62% on the BSE, Thursday.

On Monday, RPL and its subsidiary said they have entered into an agreement with Varde Partners, for availing debt of up to Rs 1,200 crore ($150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL.

"The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations," RPL had said in a regulatory filing, Monday.

RPL has a portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.

Last June, another Anil Ambani-led firm, Reliance Infrastructure Ltd raised ₹550.56 crore by preferential allotment of up to 88.8 million shares and/or warrants convertible into shares of the company to promoter group and VFSI Holdings.