Reliance Power has announced a board meet for raising long-term funds

In an intimation to the Exchanges, the power generation and distribution company has announced that a board meeting will be held Thursday, 8th September.

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Reliance Power Limited, a unit of the Reliance Group with an operating portfolio of 5,945 megawatts, it has one of the largest private sector portfolios of power projects based on coal, gas, hydro, and renewable energy.

In an intimation to the Exchanges, the power generation and distribution company has announced that a board meeting will be held Thursday, 8th September.

The company has held a board meeting to raise to consider and approve the raising of long-term resources from domestic and/or global markets.

In order to accomplish this, equity shares, equity-linked securities, warrants convertible into equity shares, preferential issues, FCCBs, or any other strategy, including setting the issue price may be done.

Additionally, Reliance Power and its subsidiary signed an agreement with Varde Partners in order to borrow up to 1,200 crores of dollars (around USD 150 million).

“RPL and its subsidiary entered into an indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt up to ~ ₹1,2crores (US$ 150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL,” Reliance Power Ltd said in a regulatory filing.

“The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations,” the filing said.

The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed, it added.

Leading international alternative investment company Varde Partners specializes in credit and credit-related assets. According to its website, Varde presently oversees assets worth over USD 13 billion with teams in North America, Europe, and the Asia Pacific region.