Reliance Power rises as board to consider September 8 fundraising

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

Funds would be raised by issuing shares/equity-linked securities/warrants convertible into shares, by preferential issue, FCCB or any other method, including determination of the issue price, if applicable.

Meanwhile, Reliance Power and its subsidiary have entered into an indicative MoU with Varde Partners for the use of debt of up to ~Rs 1,200 crore ($150 million) for settlement and discharge and/ or the acquisition and restructuring of certain financial debts used by RPL.

The debt withdrawal will be subject to the finalization and execution of binding documents and all required approvals, including regulatory approvals in accordance with applicable rules/laws/regulations, RPL said in a statement.

RPL, part of the Reliance Group, is India’s leading private sector coal resource and power generation company. The company has one of the largest portfolios of private sector energy projects, based on coal, gas, hydropower and renewables, with an operating portfolio of 5,945 megawatts.

On a consolidated basis, RPL recorded a net loss of Rs 70.84 crore in the first quarter of June 2022 compared to a net profit of Rs 12.28 crore in the first quarter of June 2021. Net sales increased by 2.44% to reach Rs 2062.97 crore in the first quarter of June 2022 from the first quarter of June 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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