Reliance Power Ltd approves QIP

The Board of Directors of Reliance Power Limited (the Company) at its meeting held today i.e. February 28, 2018, has approved the Postal Ballot notice to be sent to shareholders seeking their enabling authorization, inter alia, for raising of funds by way of issue of securities (equity shares and / or other securities convertible into equity shares) through Qualified Institutional Placement (QIP) to Qualified Institutional Buyers for an aggregate sum not exceeding Rs. 2000 crore, in accordance with the provisions of chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, subject to approval of the shareholders of the Company.

The funds raised from the proposed QIP would be utilized to strengthen financial position of the Company by reduction of debt of the Company and of its subsidiaries and for general corporate purposes.

Shares of RELIANCE POWER LTD. was last trading in BSE at Rs.44.7 as compared to the previous close of Rs. 44.7. The total number of shares traded during the day was 781488 in over 1952 trades.

The stock hit an intraday high of Rs. 45.4 and intraday low of 44. The net turnover during the day was Rs. 34928577.

Source : Equity Bulls

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