Reliance Power has received shareholders’ approval to raise Rs 1,524.60 crore by issuing preference shares. The proposal has been passed by the expected majority through postal ballot, the company said in a notification to the stock market late on Wednesday.
According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore through preferential issue of 46.20 crore shares and/or warrants convertible into equivalent number of shares at a price of Rs 33 per share.
Reliance Power Ltd’s board had on September 23 approved a proposal to raise Rs 1,525 crore through a preferential issue. Under this, the promoters will put in Rs 600 crores to boost the company’s business. The preferential issue will increase the company’s ‘net worth’ from around Rs 11,155 crore to over Rs 12,680 crore.