Reliance Power plans to raise ₹6,000 cr to expand operations
Reliance Power is planning to raise around ₹6,000 crore to expand operations, according to sources aware of the development after announcing last week that it had become a debt-free company.
The board will meet today (Monday, September 23) to consider and approve the raising of long-term funds from domestic and/or global markets, either by way of preferential issues and/or QIP and/or rights issues and/or foreign currency convertible bonds.
Reliance Power, among others, runs the 3960 MW pithead coal-based Sasan Ultra Mega Power Project in Madhya Pradesh and the 1200 MW coal-based Rosa Power Project in Uttar Pradesh. It also has a 45MW wind project in Maharashtra.
Last week Reliance Power announced that it has become a zero-debt company, on a standalone basis. On the same day, Reliance Infrastructure, also announced that the company had reduced its standalone external debt from ₹3,831 crore to ₹475 crore.
On September 19, the Reliance Infrastructure board approved a ₹6,000 crore fund raise plan, out of which, ₹3,014 crore will be raised through preferential allotment of shares, while ₹3,000 crore will be raised by QIP.
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