“Consequent to shareholders’ approval through postal ballot, Reliance Power has allotted 59.50 crore equity shares and 73 crore warrants convertible into equivalent number of equity shares of the company by conversion of debt to Reliance Infrastructure,” it said.
After the allotment of shares, the holding of Reliance Infrastructure and other promoter group in Reliance Power has increased to 24.98 per cent.
It may further increase to 38.24 per cent on conversion of warrants, the statement said.
On Wednesday, Reliance Power said it has received shareholders’ approval to issue shares and warrants worth Rs 1,325 crore to its promoter firm Reliance Infrastructure on a preferential basis.
The issue of shares and warrants to Reliance Infrastructure is aimed at reducing Reliance Power’s standalone debt by Rs 1,325 crore, the company had said.
Reliance Power, part of the Reliance Group, is India’s leading private sector power generation and coal resources company.
The company has one of the largest portfolios of power projects in the private sector in India, based on coal, gas and renewable energy, with an operating portfolio of 5,945 megawatts.
