MUMBAI: Reliance Power announced on Wednesday that its board has the postal ballot notice to seek shareholders' approval for the sale of equity through a qualified institutional placement (QIP) to raise Rs 2,000 crore.
The company made the announcement through a filing in the Bombay Stock Exchange (BSE).
"The Board of Directors of Reliance Power at its meeting held on February 28, 2018, has approved the Postal Ballot notice to be sent to shareholders seeking their enabling authorization for raising of funds by way of issue of securities (equity shares and/or other securities convertible into equity shares) through Qualified Institutional Placement (QIP) to Qualified Institutional Buyers for an aggregate sum not exceeding Rs 2,000 crore," it said.
"The funds raised from the proposed QIP would be utilized to strengthen the financial position of the Company by reduction of debt of the company and of its subsidiaries and for general corporate purposes," it added.