R Power shareholders nod for preferential offer to RInfra

The shareholders of Reliance Power Limited (Reliance Power), through postal ballot, have approved with overwhelming majority, preferential issue of equity shares and warrants.

Accordingly, Reliance Power shall allot 59.50 crore equity shares and 73 crore warrants convertible into equivalent number of equity shares of the Company at a price of Rs.10 each by conversion of debt, aggregating upto Rs 1,325 crore, to Reliance Infrastructure Limited (Reliance Infrastructure), a listed promoter company.

Reliance Infrastructure and other promoter group holding in Reliance Power shall increase to 24.98 per cent and shall further increase to 38.24 per cent on conversion of warrants, benefitting eight lakh shareholders of Reliance Infrastructure.