Reliance Power will discuss selling stakes to raise money at its October 3 board meeting

Reliance Power Share Updates

At the business’s next board meeting on Thursday, October 3, the board of directors of Reliance Power Ltd. will discuss selling a share to raise money, the company announced in a filing to the BSE on Friday night.

According to the corporate filing, the company intends to raise capital from the domestic or international markets by issuing stakes in the form of shares, equity-linked securities, warrants convertible into equity shares, preferential issues, or rights issues, depending on what the board of directors approves.

After Friday’s market session, Reliance Power shares closed 4.98 percent higher at ₹46.36, up from ₹44.16 at the previous market closing. The exchange file was made public by the company beyond market operation hours.

“We wish to inform you that a meeting of the board of directors of the company will be held on Thursday, October 03, 2024, inter alia, 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 and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the board may deem appropriate,” stated Reliance Power in a report to the exchange.

The coal-power producing corporation said that in order to grow their renewable energy business, they need money.

 Reliance Power share issue

According to the company’s BSE filing on September 23, the board of directors approved the issuance of 46.20 crore preferential shares to raise ₹1,524.60 crore. “We hereby inform you that the Board of Directors has approved the issuance of up to 46,20,00,000 equity shares and/or warrants convertible into equity shares of the Company at an Issue Price of Rs. 33/- per share, aggregating ₹1524.60 crore through preferential allotment,” the company stated in its filing. The meeting was held on Monday, September 23, 2024.

The goal of the preferred share offering is to grow company activities either directly or indirectly by funding joint ventures and subsidiaries. In addition, Reliance Power wants to pay off debt and pursue other standard corporate objectives.

Read More: Trent Share Price: Trent shares reach a new high as a result of Tata Group stock being given a target price of ₹9,000

FAQs

.