Latest News
-
Infosys Q4 Results: Cons PAT Shoots Up 30% YoY To Rs 7,975 Crore; FY25 Guidance Here -
Gold Prices In US: Yellow Metal Rates Propel To Record Highs Amidst Escalating Middle East Tensions -
Tata Motors To Utilize New $1 Billion TN Plant For Jaguar Land Rover Cars -
Closing Bell: Market Erases Early Gains To End Lower; Sensex & Nifty Plummet; HDFC Bank & ICICI Bank Weigh -
HDFC Life Q4 Results: PAT Soars 15% To Rs 411 Cr; Rs 2/Share Dividend Declared -
Rs. 17 Dividend Share: Do You Possess This Smallcap Stock, Which Is Set To Expire Today? -
SpiceJet Faces Turbulence As 3 Lessors Move NCLT Alleging Default Worth Rs 77 Crore -
These 7 Large Cap Mutual Funds Give Consistent Returns, Outperform Benchmarks; Do You Own Any? -
Decoding PSU Index: Post-COVID Rally To Continue After Elections? Top Stocks To Bet -
Nestle India To Cut Added Sugars In Baby Cereal Range; Stock Plunges
Reliance Power to Issue of Shares, Warrants Worth Rs 1,325 cr to RInfra
Reliance Power announced on Wednesday that its shareholders have approved a preferential offer of shares and warrants worth Rs 1,325 crore to its parent firm Reliance Infrastructure.
By converting debt of up to Rs 1,325 crore, the business will allot 59.50 crore equity shares and 73 crore warrants, which will be convertible into an equivalent number of equity shares of the company at a price of Rs 10 apiece.
On conversion of warrants, Reliance Infrastructure and other promoter groups' interests in Reliance Power will climb to 24.98 percent and thereafter to 38.24 percent, benefiting 8 lakh Reliance Infrastructure shareholders.
Reliance Power's shareholders have also approved fundraising through the issuance of foreign currency convertible bonds up to 50% of the company's then net worth and securities through qualifying institutions placement up to 25% of the company's then net value, according to the statement.
Shares of Reliance Power were seen trading at Rs 13.35, lower by 0.37% on NSE at 2.02 pm IST. It touched an intra-day low of Rs 13.15 and a high of Rs 13.85 during the trade.
Shares of RInfra were seen trading at Rs 82.20, higher by 0.18% on NSE at 2.03 pm IST. It touched an intra-day low of Rs 82 and a high of Rs 85.20 during the trade.
It is proposed that existing financing facilities are given by the company's promoter, RInfra, be capitalized by converting or appropriating the same into equity shares and/or warrants convertible into equity shares, to fulfill this purpose and to improve the net worth and financial condition, it had stated.
