Reliance Power seeks nod to raise Rs 2,000 crore

NEW DELHI: Reliance Power has sought shareholders' approval to raise up to Rs 2,000 crore by issuance of securities or shares through qualified institutional placement.

The Board of Directors of Reliance Power at its meeting held on Wednesday approved the Postal Ballot notice to be sent to shareholders seeking their enabling authorisation, inter alia, for raising of funds by way of issue of securities (equity shares and / or other securities convertible into equity shares) through Qualified Institutional Placement (QIP) to Qualified Institutional Buyers for an aggregate sum not exceeding Rs 2,000 crore, Reliance Power statement said.

The funds raised from the proposed QIP would be utilised to strengthen financial position of the company by reduction of debt of the Company and of its subsidiaries and for general corporate purposes.