Mon Sep 23 16:12:12 UTC 2024: ## Reliance Power Secures ₹1,524.60 Crore Through Preferential Share Issue

**MUMBAI, September 23, 2024:** Reliance Power Ltd. (Reliance Power) announced today that its Board of Directors approved a ₹1,524.60 crore fundraising through a preferential issue of up to 46.20 crore equity shares and/or warrants convertible into equity shares. The issue will be priced at ₹33 per share/warrant.

Reliance Infrastructure Ltd., the company’s promoter, will significantly increase its equity stake by over ₹600 crore. Other investors participating in the preferential issue include Authum Investment and Infrastructure Ltd. and Sanatan Financial Advisory Services Private Ltd.

The proceeds from the fundraising will be allocated towards expanding business operations, investing in subsidiaries and joint ventures, reducing debt, and general corporate purposes. The preferential issue will boost the company’s networth from over ₹11,155 crore to more than ₹12,680 crore. Notably, Reliance Power currently has zero bank debt.

“The enhanced capital will support the company’s participation in the renewable energy sector,” the company stated in a filing with exchanges. The board has also approved a postal ballot to seek shareholders’ approval for the preferential issue.

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