Reliance Power Ltd will hold a board meeting on June 13 to consider and approve raising of long-term resources from domestic and global markets.

In a notice to stock exchanges, Reliance Power said: “Pursuant to Regulation 29 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Sunday, June 13, 2021 to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate.”

Due to the board meeting, the trading window for trading in the securities of the company for designated persons shall remain closed from the close of business hours of June 9 till 48 hours after the outcome of the board meeting are made public.

“Further, please note that in accordance with the Company’s Code of Practices and Procedures and Code of Conduct to Regulate, Monitor and Report Trading in Securities and Fair Disclosure of Unpublished Price Sensitive Information (the ‘Code’), read with the Securities and Exchange Board of India (Prohibition Of Insider Trading) Regulations, 2015, the Trading Window for trading in the securities of the Company for Designated Persons shall remain closed from the close of business hours of Wednesday, June 9, 2021, till 48 hours after the outcome of the Board Meeting are made public in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” Reliance Power said in the notice to stock exchanges.

On June 6, the Board of Directors of Reliance Infrastructure Ltd (RInfra) at its meeting approved raising of funds upto Rs 550.56 crore by preferential allotment of upto 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the Company to promoter group and VFSI Holdings Pte. Ltd, an affiliate of Varde Investment Partners, LP.

The funds raised would be utilised for long term resources, for general corporate purposes, fund future growth and also to reduce debt.

The Board approved seeking approval of the members of the Company for the above proposal through Postal Ballot.

The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.

Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

RInfra is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis.

RInfra is also a leading utility company having presence in power distribution business in Delhi.