The Board of Directors of Reliance Infrastructure Limited (Reliance Infra) approved the subscription of preferential issue of up to 59.5 crore equity shares and up to 73 crore warrants convertible into an equivalent number of equity shares of Reliance Power Limited (Reliance Power), by conversion of outstanding debt including interest aggregating up to Rs 1,325 crore.

The preferential issue by Reliance Power, India’s leading private sector power generation and coal resources company, shall be made at an issue price of Rs 10 per share, as per Sebi (ICDR) Regulations.

Subscription to the preferential issue will be a huge value creator for 8 lakh shareholders of Reliance Infra.

Shareholding of Reliance Infra and promoter group in Reliance Power will increase to 25 per cent after equity shares and will further increase to over 38 per cent post-conversion of warrants.

Reliance Power has one of the largest portfolios of power projects in the private sector in India, based on coal, gas, and renewable energy, with an operating portfolio of 5,945 megawatts.