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Reliance Power to Issue of Shares, Warrants Worth Rs 1,325 cr to RInfra

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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.

Reliance Power to Issue of Shares, Warrants Worth Rs 1,325 cr to RInfra
Reliance Infrastructure: Quotes, News
BSE 94.50BSE Quote4.5 (4.76%)
NSE 94.55NSE Quote4.5 (4.76%)
Reliance Power: Quotes, News
BSE 13.72BSE Quote0.32 (-2.33%)
NSE 13.75NSE Quote0.3 (-2.18%)

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.

Read more about: reliance power reliance infra
Story first published: Wednesday, July 14, 2021, 14:08 [IST]
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