Reliance Power in its board meet scheduled for June 13 will consider as well as approve raising long term funds via equity shares or equity linked instruments. Just a week ago, the company announced its plan to raise funds.
In a BSE filing, the ADAG company Reliance Power informed that "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 however did not clarify the amount it plans to raise. In FY21, the company lowered its debt by Rs. 3108 crore.
Reliance Infrastructure, i.e. another ADAG company informed its plan of raising Rs. 550 crore via issuance of shares and convertible warrants to Värde Investment Partners LP and ADAG group entity on Sunday.
The scrip of Reliance Power settled higher by 5% at Rs. 11.57 per share on the BSE.