Anil Ambani’s Reliance Power Ltd (Reliance Power) has allotted 10.55 crore fully paid-up equity shares at a price of INR 33 per share (including a premium of INR 23 per share), aggregating to INR 348.15 crore, upon accelerated conversion of warrants.
The company made a preferential issue of 46.20 crore warrants aggregating INR 1,525 crore in October 2024, in accordance with SEBI (ICDR) Regulations. A minimum upfront amount of 25% was paid on the warrants with the balance 75% payable in 18 months. Fully paid warrants are convertible into equivalent number of equity shares.
Upon accelerated conversion of warrants, the company has issued 9.55 crore equity shares to Reliance Infrastructure Ltd (Promoter) and one crore equity shares to Basera Home Finance (Public).
Reliance Power stated that the capital infusion will strengthen its growth trajectory in renewable energy sector. Reliance Nu Suntech, a 100% subsidiary of Reliance Power, recently won a solar plus battery energy storage system (BESS) project from the Solar Energy Corp. of India (SECI) for 930 MW plus 1860 MWh. Upon completion, the project would be Asia’s largest solar and battery storage project at a single location.
“Reliance Power maintains a zero-bank debt position, ensuring a strong, unleveraged balance sheet. This enhances financial flexibility and supports sustainable growth, positioning the company to capitalize on future opportunities and drive long-term value creation,” stated Reliance Power.
Reliance Power Ltd, part of the Reliance Group, is one of India’s leading private-sector power generation companies. The company has an operating portfolio of 5,305 megawatts, including 3.96 GW Sasan Power Ltd (world’s largest integrated coal-based power plant).
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