Reliance Power board to mull fundraising via equity issue on June 13

Reliance Power's board will consider raising long-term funds through equity shares or equity-linked instruments in a board meeting on Sunday, a week after group company Reliance Infrastructure announced its fundraising plan.

Reliance Power did not disclose the amount that it plans to raise.

“A meeting of the board of directors of the company will be held on Sunday, June 13, 2021 to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/ or qualified institutional placement and/or rights issue or any other method including determination of issue price, if any and seeking members' and other approval(s), as the board may deem appropriate,” the company informed bourses on Wednesday.

Shares of Reliance Power closed at Rs 11.57 on BSE on Wednesday, up 5% from previous close. Reliance Power had earlier said that the company reduced its debt by Rs 3,108 crore in 2020-21.

Group company Reliance Infrastructure announced its plan to raise Rs 550 crore by issue of shares and convertible warrants to Minneapolis-based fund manager Värde Investment Partners LP and an Anil Ambani-led Reliance Group entity on Sunday. The board of the company approved preferential issue of equity shares or warrants worth Rs 150 crore to VFSI Holdings, an affiliate of Värde Investment and Rs 400 crore to Risee Infinity Private, a Reliance Group promoter entity.