In a successful nine-day winning streak, shares of Reliance Power have surged 5% after the company announced plans to allot 46.20 crore equity shares worth Rs 1,524.60 crore through a preferential issue to its promoters and other entities. The issue price of Rs 33 is at a 14% discount, making the news even more exciting for investors. The company plans to use a large portion of the proceeds for expanding its renewable energy portfolio and other business opportunities, in addition to reducing their existing debt.
The Reliance Group, headed by business tycoon Anil Ambani, made a major announcement on Wednesday regarding a plan to reduce its debt by up to Rs 12,000 crore. As part of this plan, Reliance Infra received a Rs 1,100 crore infusion from its promoters on Monday, leading to a 20% surge in its shares on stock markets. In addition, the group also revealed plans to form a joint venture with BlackRock for investment advisory, demonstrating its commitment to financial transformation.