Reliance Power and subsidiaries entered an MoU with Varde Partners to raise ₹1200 crore, with the latter adding ₹933 crores against a 15% stake.
The US investment firm Varde Partners will soon get around a 15% stake in equity through their investment of $117 million (₹933 crores) in the Anil Ambani-led Reliance Power Ltd (RPL).
On Thursday, the RPL management board sanctioned issuing up to 60 crore equity shares with/or convertible warrants into equity shares at ₹15.55 per share issue price and/or aggregating to ₹933 crores to VFSI Holdings Pte. Limited, affiliated company of Varde Partners, according to the regulatory information.
RPL disclosed that the shares would be issued through preferential allotment on a private placement basis.
According to the agreement signed by the two companies, that states RPL will get funds up to ₹1200 crore ($150 million) from the US investor.
RPL was formed in 1995 and listed in February 2008 with one of the biggest initial public offerings (IPO) supporting in raising ₹ 11,560 crores.
