Reliance Power to convert Rs 1,325 cr Reliance Infra debt into equity
Reliance Power NSE 4.80 % will issue shares and warrants worth Rs 1,325 crore to group company Reliance Infrastructure NSE 3.73 % to convert the latter’s outstanding loan and interest into equity, the Anil Ambani-led companies said on Sunday.
The decision taken by the board of the two companies of the cash strapped-Reliance Group is aimed at reducing the debt of Reliance Power which has defaulted on debt repayment to lenders.
