Reliance Power approves plans to raise Rs 6,000 crore via QIP

Reliance Power Ltd on July 16 said its board of directors has approved raising of up to Rs 6,000 crore via issuance of equity shares and other instruments to qualified institutional buyers through the qualified institutions placement and follow on public offer routes, a stock filing said.

The board also okayed issuance of non-convertible debentures up to Rs 3,000 crore, in one or more tranches on a private placement basis, the filing said.

The shares of the company ended 2.42 percent higher on NSE at Rs 66.09 on July 16.

The company had reported a net profit of Rs 125.6 crore in the March quarter, compared to a loss of Rs 397.6 crore in the same period of the previous financial year.