The members of the company have approved a special resolution by postal ballot for the issue of securities on preferential issue.
“In terms of section 110 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, the members of the Company have duly approved the special resolution mentioned in the postal ballot notice dated September 23, 2024, read with the corrigenda dated. October 03, 2024, through e-voting and voting through postal ballot for the issue of securities on a preferential basis,” the company informed in an exchange filing.
The company said the resolution received shareholder approval in favor of the proposal with 99.5% voting through postal ballot. Reliance Power through a preferential issue of Rs. 1,525 crore has been announced to be collected. Under this issue, the company will invest Rs. 33 per share will issue 46.20 crore equity shares or convertible warrants.
Rs. 1,525 crore out of the total amount, Reliance Infrastructure Rs. 604 crore will be invested. Remaining Rs. 900 crore will come from two other investors: Otham Investment and Infrastructure and Sanatan Financial Advisory Services, the company said in a media release on September 23.
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Otham Investment and Infrastructure Rs. 720 crore and Sanatan Financial Advisory Services will invest Rs. 200 crore will be invested.
The preferential issue will raise the net worth of Reliance Power to Rs. 11,155 crore to Rs. 12,680 crore, with zero bank debt.
The raised capital will support the company’s participation in the renewable energy sector. The proceeds of the preferential issue will be used directly or through investment in subsidiaries and joint ventures or for expansion of business operations for general corporate purposes. Total number of shareholders as on cut-off date was 41.01 lakhs. A resolution has been passed under a special category.
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