Reliance Power -; subsidiaries enter MoU with Varde Partners to raise Rs1200 crore; stock skyrockets ~8%

5 Sep 2022 , 09:56 AM

Reliance Power Limited and its subsidiaries signed an indicative Memorandum of Understanding (MoU) with Varde Partners to raise debt of up to Rs1,200 crore (US$ 150 million) for the settlement and discharge, as well as the acquisition and restructuring, of certain financial obligations obtained by RPL.

The debt will be drawn down subject to the finalisation and signature of binding papers, as well as all necessary approvals, including regulatory approvals in accordance with relevant rules/laws/regulations.

Once the parameters of the proposed financing are finalised and the definitive papers relating to the proposed financing are completed, the stock exchanges will be updated, said the company in its filing.

At around 10.00 AM, Reliance Power was trading at Rs22.85 up by 7.78% from its previous closing of Rs21.20 on the BSE. The scrip opened at Rs21.50 and touched intraday high and low of Rs23 and Rs21.50 respectively.

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