Latest reports have been coming in from the companies of Anil Ambani where Anil Ambani has decided to will increase its stake in Reliance Power by Reliance Infrastructure.
According to reports this will be done by converting debt into equity.
According to sources Reliance Infrastructure Limited will acquire preferential issue of up to Rs.59.5 crore equity shares and up to Rs. 73 crore warrants convertible into equivalent number of equity shares of Reliance Power Limited by conversion of outstanding debt including interest aggregating up to Rs.1325 crore.
According to reports shareholding of Reliance Infra and Anil Ambani-backed promoter group in Reliance Power will increase to 25 per cent.
This will be done after the issue of equity shares and will be further increased to over 38 per cent post-conversion of warrants.
This move of the Anil Ambani will be going to reduce Reliance Power’s standalone debt by Rs. 1,325 crore, and along with planned debt reduction in subsidiaries.
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