Reliance Power Ltd, led by Anil Ambani, is set to explore new fundraising options following a recent preferential issue. The company is considering multiple avenues, including equity and preferential share sales, foreign currency convertible bonds, and institutional placements. A board meeting scheduled for October 3, 2024, will further discuss these plans.
This move comes after a previous meeting on September 23, 2024, where the board approved raising ₹1,524.60 crore through a preferential issue of up to 46.20 crore equity shares. Key investors in this round included Reliance Infrastructure and Authum Investment. The funds raised are intended for business expansion, investments in subsidiaries, and general corporate purposes, despite Reliance Power’s announcement of being debt-free as of September 17, 2023.
On the stock market front, Reliance Power shares closed at ₹46.36 on the Bombay Stock Exchange, reflecting a 4.98% gain.
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