Anil Ambani-promoted Reliance Power share jumped more than 21% this week following the company’s board approval for a preferential issue of equity shares worth ₹1,525 crore. The move is part of the company’s strategic objective to boost its financial standing and expand its renewable energy business.
The company’s press announcement states that the issue entails up to 46.20 crore equity shares or warrants convertible into equity shares at a price of ₹33 per share. Parent company Reliance Infrastructure will raise its equity stake in Reliance Power by over ₹600 crore. Non-promoter investors, including Authum Investment & Infrastructure and Sanatan Financial Advisory Services, are also participating in the issue.
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