Reliance Power to raise up to Rs. 2,000 crore via QIP
Reliance Power has got shareholders’ approval to raise up to Rs. 2,000 crore by issuance of securities through qualified institutional placement (QIP) for paring its debt.
The funds would be utilised to reduce debt, including those of its subsidiaries, and for general corporate purposes, RPower said in a statement. A special resolution was passed by requisite majority to give adequate flexibility and discretion to the board to finalise the terms of the QIP, it added.
The proposed issue may be made in one or more tranches such that the aggregate amount raised does not exceed Rs. 2,000 crore.