The FCCBs will be issued to affiliates of Värde Investment Partners, LP, a leading global alternative investment firm.
“Ultra-low cost interest issue of up to $500 million of unsecured, 10-year long-term foreign currency convertible bonds (FCCBs), at 5% per annum, on a private placement basis to affiliates of Warde Investment Partners, LP,” the company said. .
The board of Reliance Power on September 23 through preferential allotment mode has allotted Rs. This is the second fund raising after sanctioning a fund raising of Rs 1,525 crore. The proceeds from the preferential issue will be used to expand business operations through direct and/or investment in subsidiaries and joint ventures, debt reduction and general corporate purposes.
The company said it has also devised an Employee Stock Option Scheme (ESOS), which will be administered by the Nomination and Remuneration Committee, designated as the Company’s Compensation Committee (NRC) and the options will be given to its eligible employees. Company, in terms of ESOS.
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“ESOS will be subject to necessary permissions, clearances and approvals, including the approval of the company’s shareholders,” the filing added.
Shares of Reliance Power rose 4.99% on the BSE on Thursday to Rs. closed at 53.65. The announcement came after market hours.
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