Rosa Power, a subsidiary of Reliance Power, prepaid ₹850 Crore of its debt to Varde Partners, a Singapore-based lender. Rosa Power aims to be debt-free by the end of the current financial year after clearing remaining debt next quarter.
Rosa Power operates a 1,200 MW coal-based thermal power plant in Shahjahanpur, Uttar Pradesh, with Varde Partners as its sole lender.
Reliance Power recently raised ₹1,525 Crore through a preferential issue, with ₹600 Crore from Reliance Infrastructure and ₹900 Crore from Authum Investment & Infrastructure Ltd and Sanatan Financial Advisory Services.
The preferential issue is set to increase Reliance Power’s net worth from ₹11,155 Crore to over ₹12,680 Crore, supporting its debt-free status.
Funds from the issue will be used for business expansion, investments in subsidiaries, and new opportunities in the renewable energy sector.
Last week, Reliance Power settled ₹3,872 Crore linked to Vidarbha Industries Power Ltd, achieving zero debt with banks and financial institutions.
Reliance Infrastructure, the promoter of Reliance Power, reduced its external debt from ₹3,831 Crore to ₹475 Crore after settlements with lenders. Reliance Infrastructure plans to increase its equity stake by over ₹600 Crore through the preferential issue for further business growth.
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