Reliance Power Approves Fundraise Plan Of Rs 9,000 Crore

Anil Ambani-led Reliance Power Ltd. approved on Wednesday a comprehensive fundraising plan totalling up to Rs 9,000 crore.

The board has given its nod to raise up to Rs 6,000 crore through the issuance of equity shares, equity-linked instruments or other eligible securities. This fundraising may be conducted via qualified institutional placement, follow-on public offer or a combination of both, targeting qualified institutional buyers.

In addition to the equity route, the board has also approved raising up to Rs 3,000 crore through the issuance of secured or unsecured, redeemable, non-convertible debentures. These would be issued in one or more tranches or series, either via private placement or other permissible methods.

The proposed fundraising is subject to necessary regulatory approvals, shareholder consent, and applicable legal provisions.

Reliance NU Energy Pvt., an arm of Reliance Power, received a letter of award from SJVN Ltd. for a 350 MW interstate transmission system-connected solar power project coupled with a 175 MW/700 MWh Battery Energy Storage System earlier this year. This will add 600 MW of solar DC capacity and 700 MWh of battery energy storage system capacity to Reliance Power’s portfolio.

After the order win, the company’s total clean energy pipeline stands at 2.4 GW of Solar DC capacity and over 2.5 GWH of BESS capacity.

After the order win the company's shares have seen an upward rally. The share has risen 55.05% year-to-date and 131.84% in the last 12-months.