RPower Board To Consider Raising Long Term Funds On June 13

The board of Reliance Power will consider a proposal to raise long term resources at its meeting scheduled for June 13.

In a filing to BSE on Wednesday, the company said funds are proposed to be raised 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 or any other method.

'... meeting of the Board of Directors of the company will be held on Sunday, June 13, 2021 to consider and approve raising of long term resources from domestic and/ or global markets,' it said.

On June 6, group firm Reliance Infrastructure's board had approved raising up to Rs 550.56 crore through issuance of shares on a preferential basis.

The funds raised would be utilised for long-term resources for general corporate purposes, to fund future growth and also to reduce debt, the company had said in a statement.

(PTI)