Reliance Power promoters eye Rs. 2,500 cr from sale of 18% stake
The part-sale of promoters’ stake in Anil Ambani-led Reliance Power is expected to fetch around Rs. 2,500 crore. The promoters are planning to sell 18-19 per cent stake out of their direct holding of 30 per cent in the company, sources close to the development said.
Reliance Power has appointed JP Morgan as the banker for the stake-sale, and several foreign funds, including Qatar Investment Authority, Abu Dhabi Investment Authority, Blackstone, TPG and KKR could be considering bidding for the stake, the sources added. Reliance Group spokesperson declined to comment on this development.
Anil Ambani-led Reliance Group had informed its lenders last week that it would be part-selling its direct shareholding in Reliance Power to institutional investors as the group is trying to generate funds to repay its debt.
