Reliance Power’s board approved issuing $500 Million (₹4,200 Crore) through unsecured foreign currency convertible bonds (FCCBs), according to a regulatory filing.
The FCCBs will be issued to affiliates of Värde Investment Partners, LP, a major global alternative investment firm.
The company said it will issue up to $500 Million in ultra-low cost interest of 5% per annum, unsecured, 10-year long duration Foreign Currency Convertible Bonds (FCCBs) to affiliates of Värde Investment Partners, LP through a private placement.
This is Reliance Power’s second fundraising, following the board’s approval of a ₹1,525 Crore cash raise via preferential allotment technique on 23 September.
The proceeds from the preferred offer will be used to directly grow business operations, as well as to invest in subsidiaries and joint ventures, reduce debt, and fund general corporate objectives.
The company also stated that it has developed an employee stock option scheme (ESOS), which will be administered by the company’s nomination and remuneration committee, also known as the compensation committee (NRC), and that options will be granted to eligible employees in accordance with the ESOS.
The ESOS shall be subject to the necessary permission, sanction, and approval, including approval by the company’s shareholders, the document stated.
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