Reliance Power Limited (RPL) and its subsidiary have inked a pact with Varde Partners, a global alternative investment firm, to raise long-term resources of up to Rs 1,200 crore.
“On September 4, 2022, RPL and its subsidiary entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to ~ Rs 1,200 crore (US$ 150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL,” Reliance Power said in a regulatory filing on September 5.
“The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations. The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed,” it added.
At 11.50 am, the shares of Reliance Power were trading at Rs 23.20 apiece on the BSE, up 9.43 percent, while the benchmark Sensex climbed 380.11 points, or 0.65 percent, to 59,183.44.
Reliance Power Limited, a part of the Anil Ambani-led Reliance Group, has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.
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