Reliance Power rises as board to mull fund raising on 8 September

Reliance Power gained 2.58% to Rs 23.90 after the company said that its board will meet on Thursday, 8 September 2022 to consider and approve raising of long term resources from domestic and/or global markets.

The funds would be raised by issuance of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue, FCCB or any other method including determination of issue price, if any.

Meanwhile, Reliance Power and its subsidiary entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of upto ~Rs 1,200 crore ($150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL.

The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations, RPL said in a statement.

RPL, a part of the Reliance Group, is India's leading private sector power generation and coal resources company. The company has one of the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.

On a consolidated basis, RPL reported net loss of Rs 70.84 crore in Q1 June 2022 as against net profit of Rs 12.28 crore in Q1 June 2021. Net sales rose 2.44% to Rs 2062.97 crore in Q1 June 2022 over Q1 June 2021.

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