Anil Ambani-led Reliance Power (RPower) on Sunday approved a preferential issue of 59.5 crore equity shares and 73 crore warrants worth $13.25 billion ( ₹1,325 crore) to its promoter firm Reliance Infrastructure. The move will help RPower’s standalone debt by ₹1,325 crore, and cumulatively by $32 billion ( ₹3,200 crore) in the current financial year, the company said in a filing before the Bombay Stock Exchange (BSE).
The move was approved by Reliance Power’s board in a meeting on Sunday, the company said in the filing.
The issue price for 59.5 crore equity shares and up to 73 crore warrants has been kept at ₹10 each by conversion of debt to listed promoter firm Reliance Infrastructure Ltd, RPower said.
