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Reliance Power board to mull fundraising via equity issue on June 13
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Shares of Reliance Power closed at Rs 11.57 on BSE on Wednesday, up 5% from their previous close.
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Reliance Power did not disclose the amount that it plans to raise.
“A meeting of the board of directors of the company will be held on Sunday, June 13, 2021 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 or any other method including determination of issue price, if any and seeking members and other approval(s), as the board may deem appropriate,” the company informed bourses on Wednesday.
The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding.
The funds will be raised by preferential allotment of up to 8.88 crore equity shares and / or warrants convertible into equivalent number of shares of the company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP.
The issue price of shares is set at 62 rupees apiece.