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Home Business RELIANCE POWER LIMITED BOARD APPROVES PREFERENTIAL ISSUE OF SHARES

RELIANCE POWER LIMITED BOARD APPROVES PREFERENTIAL ISSUE OF SHARES

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The Board of Directors of Reliance Power Limited at its meeting held today has approved Preferential Issue of upto 59.5 Crore equity shares and upto 73 Crore warrants convertible into equivalent number of equity shares of the Company at an Issue Price of Rs. 10 each by conversion of debt, aggregating upto      Rs.1,325 Crore to Reliance Infrastructure Limited, a listed promoter company.
This will reduce Reliance Power standalone debt by Rs. 1,325 Crore and along with planned debt reduction in subsidiaries, Reliance Power consolidated debt will reduce by ~Rs. 3200 Crore in FY22.
Reliance Infrastructure and other promoter holding in Reliance Power will increase upto 25% after issue of equity shares and will further increase to over 38% on conversion of warrants, benefitting ~ 8  lakh shareholders of Reliance Infrastructure.
The Board also approved seeking enabling authorisations of members for issuance of (i) foreign currency convertible bonds; and (ii) securities through qualified institutions placement.
The Board approved seeking approval of the members of the Company for the above through Postal Ballot.
The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.

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