Courtesy-Patrika
The approval for the subscription of preferential issue of up to 59.5 crore equity shares and up to 73 crore warrants which are convertible into an equivalent number of equity shares of Reliance Power Limited by conversion of outstanding debt which included an interest aggregating up to ₹1,325 crores, was received by Reliance Infrastructure from the board of directors.
The price of a share of Reliance Power’s preferential issue will be made at an issue price of ₹10. Increasing to 25% the shareholding Reliance Infra and promoter group in Reliance Power will take place after the issue of equity shares. It will further increase to over 38% post-conversion of warrants. For around 8 lakh shareholders of Reliance Infra company, subscription to the preferential issue will be a huge value creator as per the regulatory filing.
With one of the largest portfolios of power projects in the private sector in India, Reliance Power is India’s leading private sector power generation and coal resources company based on coal, renewable energy and gas with an operating portfolio of 5,945 megawatts.
Up by 1.8 per cent on Sensex, Reliance Infra was trading at ₹84.60 per piece at around 11:38 AM. Reaching near the 52 weeks high of ₹88.95 per piece, the stock had clocked an intraday high of ₹86.75 per piece.