Reliance Power shares drop 5% after board approves Rs 4,200 crore fundraise plan
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Shares of Reliance Power dropped 5% to trade at Rs 50.97 in Friday's trade after the company’s board approved raising $500 million (Rs 4,200 crore) through unsecured foreign currency convertible bonds (FCCBs).
“Reliance Power board approves issue of up to U.S.$ 500 million (~INR 4,200 crore) ultra-low cost interest of 5% per annum, unsecured, 10-year long tenure FCCBs, on private placement basis to affiliates of Värde Investment Partners, LP,” the company said in its press release on Thursday.
The company added that the FCCBs will be convertible into nearly 82.30 crore equity shares of Rs 10 each at the conversion price of Rs 51.
This marks the second fundraising effort after Reliance Power's board approved raising Rs 1,525 crore through a preferential allotment on September 23. The funds from this preferential issue will be used to expand business operations, invest in subsidiaries and joint ventures, reduce debt, and for general corporate purposes.
The company said that it has formulated an Employees Stock Option Scheme (ESOS), which shall be administered by the nomination and remuneration committee, designated as the Compensation Committee (NRC) of the company, and the options shall be granted to the eligible employees, in terms of the ESOS.
Shares of Reliance Power rose to defy the market mood on Thursday, hitting 5% upper circuit to settle at Rs 53 after the company announced it would develop solar and hydroelectric power projects in Bhutan.
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Reference from :- https://economictimes.indiatimes.com/markets/stocks/news/stock-to-watch-reliance-power-shares-in-focus-after-board-approves-rs-4200-crore-fundraise-plan/articleshow/113922791.cms?from=mdr