MUMBAI: Reliance Power, which is part of Anil Ambani Group, plans to raise Rs 1,325 crore from its promoters to reduce debt. It will issue equity shares and convertible warrants to Reliance Infrastructure, which will see its stake in Reliance Power rise to 38% from the current 9%. The boards of Reliance Power and Reliance Infrastructure approved the capital plan on Sunday.
Reliance Power will issue 60 crore equity shares and 73 crore convertible warrants to Reliance Infrastructure at Rs 10 each, which is a discount to its last closing price of Rs 13 on Friday. The entire capital raised will be used to retire Reliance Power’s debt, which stands at Rs 25,000 crore.
