Accordingly, Reliance Power shall allot 59.50cr equity shares and 73cr warrants convertible into an equivalent number of equity shares of the company at a price of Rs10 each by conversion of debt, aggregating upto Rs1,325cr, to Reliance Infrastructure Limited, a listed promoter company.
Reliance Infrastructure and other promoter groups holding in Reliance Power shall increase to 24.98% and shall further increase to 38.24% on conversion of warrants, benefitting ~8 lakh shareholders of Reliance Infrastructure, the company said in the regulatory filing.
The shareholders of Reliance Power have also approved with overwhelming majority, the raising of funds by issue of: (i) foreign currency convertible bonds upto 50% of the then net-worth of the Company, and (ii) securities through qualified institutions placement upto 25% of the then net-worth of the Company, it added.
Reliance Power Ltd is currently trading at Rs13.46 up by Rs0.06 or 0.45% from its previous closing of Rs13.40 on the BSE.
Reliance Infrastructure Ltd is currently trading at Rs83.50 up by Rs1.25 or 1.52% from its previous closing of Rs82.25 on the BSE.