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Reliance Power and its subsidiaries on Wednesday have signed definitive documents with Värde Partners to raise debt of about Rs. 1000 crore.
The proceeds will be utilised to settle debts, Reliance Power said in a regulatory filing.
“The transaction is subject to satisfaction of conditions precedent as identified in the definitive documents. The proceeds will be utilized to settle and discharge / restructure existing debts; thereby achieve debt resolution and enhance credit profile,” the regulatory filing noted.
In a deal executed in September 2022, Värde Partners picked up around 15 per cent equity stake with an investment of ₹933 crore (around $117 million) in businessman Anil Ambani group’s debt-laden Reliance Power Ltd (RPL).
The RPL board approved issuance of up to 60 crore equity shares and/or warrants convertible into equity shares at an Issue Price of ₹15.55 per share and/or warrant, aggregating to ₹933 crore to VFSI Holdings Pte. Limited, an affiliate of Varde Partners, as per a regulatory disclosure.
The shares will be issued through preferential allotment on a private placement basis, RPL said in the disclosure.
In June last year, Värde Partners had invested ₹550 crore in Reliance Infrastructure, part of the Anil Ambani group firm.
Shares had ended weaker by 2.66 per cent to end trade on Wednesday at ₹16.45 apiece on the BSE.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
