Reliance Infra stake to travel up to 38% from 9%; more fund raising planned
R-power Limited today announced
that it'll raise Rs 1,325 crore by issuing preferential shares and
warrants to its parent, Reliance Infrastructure. Post conversion, combined
stake of Reliance Infrastructure and other promoters will rise
from this nine per cent to around 38 per cent.
R-power will issue upto 59.5 crore equity
shares and upto 73 crore warrants convertible into equivalent number of equity
shares at Rs. 10 each by conversion of debt, to Reliance Infrastructure.
The pricing is at a 21.5 per cent
discount to R-Power's share price of Rs 12.74, as per Friday's closing on BSE.
With this, R-power's standalone debt will
reduce by Rs 1,325 crore and together with its other planned debt
reduction in subsidiaries, its consolidated debt will further fall by Rs 3,200
crore in FY22, which can reduce its debt-equity ratio to
1.80:1, a corporation statement said after
its meeting today.
Reliance Infrastructure and other
promoter holding in R-power will increase upto 25 per cent after issue of
equity shares and can further increase to over 38 per cent on
conversion of warrants. As of now, the promoter owns 9.06 per cent stake in
R-Power, as per statistics submitted to the stock exchanges for the quarter
ending March this year.
The Board in an
exceedingly meeting held today also approved plans to issue foreign
currency convertible bonds (FCCBs); and raising funds by issuing securities to
qualified institutions. The proposed size of FCCB issue is up to 50 per cent of
the then networth of the corporate, and QIP's upto 25 per cent of the then
networth.
R-power runs power plants supported coal, gas and renewable energy, with an operating portfolio of 5,945 megawatts.
On June 6, the Board of Reliance Infrastructure had announced that it'll vex to Rs 550.56 crore from its promoter, the Anil Ambani family and and Varde Investment. Of this, the Anil Ambani family will invest Rs 400 crore – raising its stake from 5 per cent to 23 per cent while the remainder are going to be invested by Varde Partner for a seven per cent stake. It plans to boost creeping acquisition.
Various Anil Ambani group companies including Reliance Communications and Reliance Naval and Engineering Ltd were dragged to the bankruptcy courts by the Indian lenders after they did not repay their debt. While Mukesh Ambani’s Reliance Industries has emerged because the highest bidder for Reliance Infratel, a subsidiary of Reliance Communications, UV Arc has emerged because the highest bidder for Reliance Communications.
The RBI later clarified that asset reconstruction companies cannot bid for companies within the bankruptcy courts and also the offer by UV ARC is currently pending. Reliance Naval did not find any buyers despite breaching deadlines set under the
R-power Limited today announced that it'll raise
Rs 1,325 crore by issuing preferential shares and warrants to its parent,
Reliance Infrastructure. Post conversion, combined stake of Reliance
Infrastructure and other promoters will rise from this nine per cent
to around 38 per cent.
R-power will issue upto 59.5 crore equity shares
and upto 73 crore warrants convertible into equivalent number of equity shares
at Rs. 10 each by conversion of debt, to Reliance Infrastructure.
The pricing is at a 21.5 per cent discount to R-power's
share price of Rs 12.74, as per Friday's closing on BSE.
With this, R-power's standalone debt will reduce by
Rs 1,325 crore and together with its other planned debt reduction in
subsidiaries, its consolidated debt will further fall by Rs 3,200 crore in
FY22, which can reduce its debt-equity ratio to 1.80:1, a
corporation statement said after its meeting today.
Reliance Infrastructure and other promoter holding
in R-power will increase upto 25 per cent after issue of equity shares and
can further increase to over 38 per cent on conversion of warrants. As of
now, the promoter owns 9.06 per cent stake in R-power, as per statistics
submitted to the stock exchanges for the quarter ending March this year.
The Board in an exceedingly meeting held
today also approved plans to issue foreign currency convertible bonds (FCCBs);
and raising funds by issuing securities to qualified institutions. The proposed
size of FCCB issue is up to 50 per cent of the then networth of the
corporate, and QIP's upto 25 per cent of the then networth.
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