Reliance Power announced a board meeting to raise long-term funds
Reliance Power Limited, a unit of the Reliance Group with an operating portfolio of 5,945 megawatts, has one of the largest portfolios of private sector power projects based on coal, gas, hydro and renewables.
In a stock exchange filing, the electricity generation and distribution company announced that a meeting of the board of directors will be held on Thursday 8e September.
The company held a board meeting to review and approve the raising of long-term resources in domestic and/or global markets.
To do this, capital shares, securities equivalent to shares, warrants convertible into capital shares, preferential issues, FCCBs or any other strategy, including fixing the issue price, may be implemented. .
Additionally, Reliance Power and its subsidiary have signed an agreement with Varde Partners to borrow up to $1,200 crore (about $150 million).
“RPL and its subsidiary have entered into an indicative MoU with Varde Partners for the use of debt up to ~₹1.2 crore (US$150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debts used by RPL,” Reliance Power Ltd said in a regulatory filing.
“Debt retirement will be subject to finalization and execution of binding documents and all required approvals, including regulatory approvals in accordance with applicable rules/laws/regulations,” the filing said.
The scholarships will be updated once the proposed funding terms are finalized and the final documents related to the proposed funding are executed, he added.
International leader in alternative investment, Varde Partners specializes in credit and credit-related assets. According to its website, Varde currently oversees assets worth over $13 billion with teams in North America, Europe and the Asia-Pacific region.