Reliance Power has got shareholders' approval to raise up to Rs 2,000 crore by issuance of securities through Qualified Institutional Placement (QIP) for paring its debt.
The funds would be utilised to reduce debt, including those of its subsidiaries, and for general corporate purposes, RPower said in a statement.
A special resolution was passed by requisite majority to give adequate flexibility and discretion to the Board to finalise the terms of the QIP, it added.
The proposed issue may be made in one or more tranches such that the aggregate amount raised does not exceed Rs 2,000 crore.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app