Reliance Power Limited today announced that it will raise Rs 1,325 crore by issuing preferential shares and warrants to its parent, Reliance Infrastructure. Post conversion, combined stake of Reliance Infrastructure and other promoters will rise from the current nine per cent to around 38 per cent.
Reliance Power will issue upto 59.5 crore equity shares and upto 73 crore warrants convertible into equivalent number of equity shares at Rs. 10 each by conversion of debt, to Reliance Infrastructure.
The pricing is at a 21.5 per cent discount to Reliance Power’s share price of Rs 12.74, as per Friday’s closing on BSE.
With this, Reliance Power’s standalone debt will reduce by Rs 1,325 crore and along with its other planned debt reduction in subsidiaries,
