Anil Ambani's Reliance Infra, RPower make BIG move to raise Rs 18000 crore through...

Anil Ambani, Reliance Group chairman, is making a strong comeback these days. His companies have secured several new projects. Now, they are planning to expand their business. Now, the board of directors at Anil Ambani-promoted Reliance Infrastructure, Reliance Power have approved raising funds of Rs 9,000 crore each on Wednesday, July 16. The company informed about the development via a filing to the exchanges. The decision was taken in a meeting held on Wednesday after market hours.

Reliance Power

The company plans to raise up to Rs 9,000 crore through a combination of equity and debt instruments. Of this, the company will raise Rs 6,000 crore through the issuance of equity shares and/or equity-linked instruments. Moreover, the board has approved the issuance of secured or unsecured, redeemable, non-convertible debentures (NCDs) of up to Rs 3,000 crore, in one or more tranches or series, on a private placement basis or otherwise. 

Reliance Power shares

The share price of the company closed at Rs 66.09 on Wednesday. Currently, the market cap of the company stands at Rs 27325 crore.

Reliance Infra

The company said its board approved raising up to Rs 9,000 crore via various financial instruments. The fundraise will be through "the issuance of equity shares and/or equity-linked instruments and/or other eligible securities to qualified institutional buyers by way of a Qualified Institutions Placement and /or follow-on public offer or a combination thereof", the filing said.

READ | Not Elon Musk's Tesla, Apple: Most bought US stocks by Indians in last 3 months are...

Further, it also gave its go-ahead to the issuance of secured/ unsecured, redeemable, non-convertible debentures up to Rs 3,000 crore, in one or more tranches, on a private placement basis or otherwise, the company said. The issue of the above securities is subject to requisite permissions, sanctions and approvals and as per the applicable provisions of law.

Reliance Infra shares

The company has a market cap of Rs 16337 crore, as of July 16. The share price of the firm closed at Rs 400.50 on Wednesday.