Reliance Power to raise up to Rs2,000 crore via QIP
Reliance Power will use the funds to reduce debt, including those of its subsidiaries, and for general corporate purposes
New Delhi: Reliance Power has got shareholders’ approval to raise up to Rs2,000 crore by issuance of securities through qualified institutional placement (QIP) for paring its debt.
The funds would be utilised to reduce debt, including those of its subsidiaries, and for general corporate purposes, RPower said in a statement. A special resolution was passed by requisite majority to give adequate flexibility and discretion to the board to finalise the terms of the QIP, it added.
The proposed issue may be made in one or more tranches such that the aggregate amount raised does not exceed Rs2,000 crore.
On BSE, RPower shares closed at Rs42.40, up by 11.43% on Wednesday.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
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