RPower | Business Upturn

Reliance Power shares jump nearly 5% as subsidiary Rosa Power achieves zero-debt status

Aditya Bhagchandani — Thu, 07 Nov 2024 04:24:26 +0000

As of 9:52 am, Reliance Power shares were trading 4.98% higher at ₹45.76, following news of a significant debt repayment by its subsidiary, Rosa Power Supply Company Limited. Rosa Power prepaid a loan of ₹485 crore to Singapore-based Varde Partners, achieving a debt-free status. This brings Rosa Power’s total prepayment to ₹1,318 crore, a move that considerably strengthens its balance sheet.

Earlier in September, Rosa Power had also prepaid ₹833 crore to Varde Partners as part of its debt-clearing initiatives. The company operates a 1,200 MW coal-based thermal power plant in Rosa village, near Shahjahanpur, Uttar Pradesh.

Reliance Power’s recent issuance of equity-linked warrants, valued at ₹1,525 crore, is projected to increase the company’s net worth from ₹11,155 crore to over ₹12,680 crore. This enhanced financial standing and debt-free status are in line with Reliance Power’s long-term strategy to expand into the renewable energy sector. With zero bank debt as a listed entity, the company is well-positioned to pursue sustainable energy growth opportunities.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or Business Upturn is not liable for any losses arising from the use of this information.

Reliance Power Block Deal: 8.6 crore shares worth Rs 357 crore change hands

News Desk — Wed, 25 Sep 2024 04:21:48 +0000

Reliance Power witnessed a substantial large trade today with 8.6 crore shares, representing 2.1% of the company’s equity, changing hands at ₹42 per share. The total value of the transaction stood at ₹357 crore.

The stock opened at ₹42.05 and reached a high of ₹42.05, while the low for the session was ₹40.25. As of 9:46 AM, the stock was trading at ₹41.50, up 3.62% from its previous close of ₹40.05. This large trade indicates continued investor interest, following the recent momentum driven by news of the company’s ₹1,524.60 crore preferential issue announcement.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Reliance Power stock surges around 5% for second straight day after Rs 1,524 crore fundraise announcement

News Desk — Wed, 25 Sep 2024 04:10:59 +0000

Shares of Reliance Power rose by 4.34% to ₹41.79 on the NSE at 9:38 AM, continuing the momentum from yesterday’s 5% upper circuit. The surge follows the announcement that the company will seek shareholders’ approval to raise ₹1,524.60 crore through a preferential issue of up to 46.20 crore equity shares and/or convertible warrants at a price of ₹33 per share/warrant.

This fundraise, aimed at expanding business operations, reducing debt, and general corporate purposes, will also see Reliance Infrastructure, the company’s promoter, infusing ₹600 crore. Other investors include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. The capital raise is expected to boost Reliance Power’s net worth from ₹11,155 crore to over ₹12,680 crore.

The e-voting process began on Tuesday and will conclude on October 23, 2024, with the results to be announced on or before October 25, 2024. The increased capital will also enhance the company’s participation in the renewable energy sector, with the company currently having zero bank debt.

Reliance Power hits upper circuit as board approves ₹1,525 crore fundraise via preferential issue

News Desk — Tue, 24 Sep 2024 03:48:59 +0000

Anil Ambani-promoted Reliance Power surged 4.98% to ₹40.05 in early trading, hitting its upper circuit limit 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 plan to strengthen its renewable energy business and bolster its financial position.

According to the company’s press release, 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 increase its equity stake in Reliance Power by over ₹600 crore. Non-promoter investors like Authum Investment & Infrastructure and Sanatan Financial Advisory Services are also participating in the issue.