The Anil Ambani-led Reliance Power Ltd. is considering to raise funds again, after a previous preferential issue, according to the company’s exchange filing on Friday, September 27, 2024.
The company may raise funds this time through multiple possible means which can include an equity and preferential share sale, foreign currency convertible bonds, or even from large institutional investors through institutional placements.
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The Navi Mumbai-headquartered company will be holding a meeting of the board of directors on Thursday, October 03, 2024, to discuss the matter.
This is the second such meeting which comes after Reliance Power held one on Monday, September 23, 2024, to discuss a round of fundraising, after which, the board approved raising ₹1,524.60 crore through a preferential issue of up to 46.20 crore equity shares.
The investors who participated in this preferential issue included Reliance Infrastructure Limited, Authum Investment and Infrastructure Limited and Sanatan Financial Advisory Services Private Limited.
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The company said in its exchange filing for the September 23 meeting that the proceeds would be utilised for expanding business operations, invetsment in subsidiaries and joint ventures, for general corporate purposes, and for reducing debts.
However, this is despite Reliance Power announcing on September 17, 2023, that it (The listed entity) is now debt-free from all banks and financial institutions.
How did Reliance Power shares perform?
Reliance Power Ltd closed at ₹46.36 on the Bombay Stock Exchange (BSE) after the week’s trading session ended on Friday, September 27, 2024. This was a gain of 4.98% or 2.20 points.