Reliance Power to consider stake sale for fundraising, board meeting to be held on October 3

Reliance Power Ltd's board of directors is to consider a stake sale to raise funds in the company's upcoming board meeting on Thursday, October 3, according to the company's BSE filing on Friday.

Anubhav Mukherjee
Published28 Sep 2024, 04:37 PM IST
Reliance Power announced on Friday, September 27, that the board will consider raising funds through a stake sale.
Reliance Power announced on Friday, September 27, that the board will consider raising funds through a stake sale.(Bloomberg)

Reliance Power Ltd's board of directors is to consider a stake sale to raise funds in the company's upcoming board meeting on Thursday, October 3, according to the company's BSE filing on Friday evening.

The company aims to raise money from the domestic or global markets by issuing stakes in the form of shares, equity-linked securities, warrants convertible into equity shares, preferential issues, or a rights issue, whichever the board of directors approve, according to the company filing.

Also Read | Reliance Power share price rises 50% in eight days. Experts see 33% more upside

Reliance Power shares closed 4.98 per cent higher at 46.36 after Friday's market session, compared to 44.16 in the previous market close. The company released the exchange filing after market operating hours.

“We wish to inform you that a meeting of the board of directors of the company will be held on Thursday, October 03, 2024, inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the board may deem appropriate,” said Reliance Power in its exchange filing.

Also Read | Reliance Power announces ₹1,525 crore preferential share issue

The coal-power-generating company stated that they need funds to expand their renewable energy segment.

Preferential share issue

The company's board of directors approved the issue of 46.20 crore preferential shares to raise 1,524.60 crore, according to the company's BSE filing on September 23.

“We hereby inform you that the Board of Directors at its Meeting held today i.e., Monday, September 23, 2024, has approved issuance of up to 46,20,00,000 equity shares and/or warrants convertible into equity shares of the Company at an Issue Price of Rs. 33/- per share aggregating 1524.60 crore through preferential allotment,” said the company in its filing.

Also Read | Adani Group’s bid to buy Reliance Power’s plant near Mumbai gets a fresh boost

The preferential share issue is aimed at expanding business operations directly or through investment in subsidiaries and joint ventures. Reliance Power also aims to reduce its debt and cater to other general business purposes.

Reliance Power, on its own and through its subsidiaries, has a large portfolio of power generation capacity. The company has nearly 6000 MW of operational power generation assets, according to the company website.

Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:28 Sep 2024, 04:37 PM IST
Business NewsCompaniesNewsReliance Power to consider stake sale for fundraising, board meeting to be held on October 3

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel share price

    149.70
    07:18 PM | 1 NOV 2024
    1.05 (0.71%)

    Indian Oil Corporation share price

    145.00
    07:19 PM | 1 NOV 2024
    2.3 (1.61%)

    Tata Power share price

    445.20
    07:19 PM | 1 NOV 2024
    5.15 (1.17%)

    Bandhan Bank share price

    183.65
    07:10 PM | 1 NOV 2024
    1.4 (0.77%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Rainbow Childrens Medicare share price

    1,545.00
    06:59 PM | 1 NOV 2024
    -67.25 (-4.17%)

    ICICI Securities share price

    833.45
    06:59 PM | 1 NOV 2024
    -32.85 (-3.79%)

    Vijaya Diagnostic Centre share price

    966.70
    06:59 PM | 1 NOV 2024
    -30.35 (-3.04%)

    Narayana Hrudayalaya share price

    1,235.60
    06:59 PM | 1 NOV 2024
    -36.75 (-2.89%)
    More from Top Losers

    Brigade Enterprises share price

    1,244.80
    07:19 PM | 1 NOV 2024
    71.75 (6.12%)

    PCBL share price

    432.15
    07:17 PM | 1 NOV 2024
    21.35 (5.2%)

    Piramal Pharma share price

    281.85
    07:17 PM | 1 NOV 2024
    13.45 (5.01%)

    Jubilant Pharmova share price

    1,273.00
    06:59 PM | 1 NOV 2024
    60.65 (5%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,565.00-790.00
      Chennai
      80,571.00-790.00
      Delhi
      80,723.00-790.00
      Kolkata
      80,575.00-790.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L-0.06
      Chennai
      101.23/L0.43
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in Companies

        HomeMarketsloanPremiumMint Shorts