Reliance Power (RPower), has received shareholder’s approval to raise up to Rs.2,000 crore by issuing of shares or securities via qualified institutional placement (QIP).
According to RPower statement, the board of directors of Reliance Power Ltd at its meeting, which was held on Wednesday has given approval to the Postal Ballot notice to be sent to shareholders, seeking their enabling authorization, inter alia, for raising of funds via issue of securities (equity shares and/ or other securities convertible into equity shares) via QIP to Qualified Institutional Buyers for a total amount not exceeding Rs.2,000 crore.
Furthermore, the funds to be raised will be used to strengthen financial position of the company and for general corporate purposes.
