Reliance Power, subsidiary to raise up to Rs 1,200 cr from Varde Partners

Debt will be used for settlement and discharge, acquisition and restructuring of financial instruments, says company

Reliance Power along with its subsidiary has entered a memorandum of understanding with investment firm Varde Partners for availing debt of up to Rs 1,200 crore, it said on Monday.

Reliance Power said the debt will be used for settlement and discharge, acquisition and restructuring of certain financial instruments. "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," the company said.

The company’s stock hit the upper circuit on the BSE following the announcement, at Rs 23.15 a share.

Varde Partners