MUMBAI: Reliance Power, which is among the few operational companies from the nearly-crippled Anil Ambani group, has decided to go for a fund raising worth Rs 1,525 crore through a preferential allotment of shares or warrants to the promoters and promoter entities.
In a statement on Monday, the company said its board has approved issuance of upto 46.20 crore equity shares and/or warrants convertible into equity shares at an issue price of Rs 33/share aggregating Rs 1524.60 crore through preferential allotment.
The board has also approved the postal ballot notice to be issued to the members seeking approval for the above matter.
The participating shareholders/promoters include the promoter entity Reliance Infrastructure, and Authum Investment and Infrastructure, and Sanatan Financial Advisory Services who are non-promoter shareholders.
Post issue, the company’s net worth will grow from Rs 11,155 crore to over Rs 12,680 crore with zero bank debt, the statement claimed.
While Reliance Infrastructure will enhance its equity by over Rs 600 crore through the issue and the money will go to support its renewable energy sector. The rest of the money will come from Authum Investment and Sanatan Financial
Reliance Power operates a few thermal plants coal mines. It also has a presence in the gas and renewable segment, with an installed capacity of 5,300 MW.