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RPower up 5%, hits 7-yr high ahead of board meeting to consider fundraise
Source: Business Standard
Till 10:52 AM, a combined 10.25 million shares had changed hands, while there were pending buy orders for a combined 33.88 million shares on the NSE and BSE.
Reliance Power is quoting higher for the eighth straight trading day, having surged 29 per cent during the period.
Reliance Power, in an exchange filing on Wednesday, September 18, had announced that its board is scheduled to meet on September 23, to consider and approve the fundraise via multiple routes.
“A meeting of the board of directors of the Company will be held on Monday, September 23, 2024, inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate,” Reliance Power’s exchange filing stated.
Last week, Reliance Infrastructure’s board had approved fund raising of up to Rs 6,000 crore via preferential issue and qualified institutional placement (QIP).
On September 17, Reliance Power announced that the entire obligations of the company as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL) stood fully settled, resulting in the “release and discharge of Corporate Guarantee, Undertakings and all obligations and claims there under in relation to the outstanding debt of VIPL amounting to Rs 3,872.04 crore.”
Reliance Power has also settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100 per cent shares of VIPL were pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.
The company also stated that it has participated in a request for selection to establish a 500 MW/1000 MWh Battery Energy Storage System (BESS) that was invited by the Solar Energy Corporation of India (SECI). It added that they are awaiting further communication in this regard.
Reliance Power is in the business of setting up and operating power projects and development of coal mines associated with such projects. The company has built a portfolio of power projects and coal mines. Of the power projects in its portfolio, the projects aggregating to approximately 5,945 MW are commissioned while the other power projects are under various stages of development.
The Indian government has decided to add new coal-based thermal power capacity of around 80 GW by 2031-32 to meet the increasing power demand in the country.
The renewed thrust on the thermal power capacity addition by the Government of India presents growth opportunities for existing successful thermal power players, Reliance Power said in its FY24 annual report.
First Published: Sep 23 2024 | 11:36 AM IST
