Reliance Power obtains shareholders' nod for fundraising plans worth Rs1,325-Cr

Reliance Power Ltd on Wednesday said the company has received shareholders' approval to issue shares and warrants worth Rs 1,325 crore to its promoter firm Reliance Infrastructure on a preferential basis. The shareholders of Reliance Power, through postal ballot, have approved the preferential issue of equity shares and warrants, the company said in a statement.

Accordingly, The company will allot 59.50 crore equity shares and 73 crore warrants convertible into an equivalent number of equity shares of the company at Rs10 each by conversion of debt, aggregating upto Rs1,325 crore, to Reliance Infrastructure, a listed promoter company.

Reliance Infrastructure and other promoter group holding in Reliance Power will increase to 24.98 percent and shall further increase to 38.24 percent on conversion of warrants, benefitting 8 lakh shareholders of Reliance Infrastructure, it said. The shareholders of Reliance Power have also approved with overwhelming majority, the raising of funds by issue of foreign currency convertible bonds and securities through qualified institutions placement. In the postal ballot notice issued last month, the company had said it aims to be debt-free. RInfra had also consented to the proposed preferential issue and confirmed its eligibility.

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