Reliance Power Limited is seeking shareholder's approval to raise more funds via selling securities overseas.

The company plans to sell share to institutions for up to 15% of the equity capital and overseas securities for up to 10% of the equity. At current market price, the company can raise upto Rs 9,000 Cr.

The company’s current market cap is Rs 37,354 cr.

The proposed issue of securities may be made in one or more tranches

Reliance Power has spent 60 Bn rupees ($1.3 billion) of the 116 Billion rupees raised through its IPO in 2008.

Transaction Reference: BS

R-Power is planning to develop over 35,000 mega watt of projects, including three ultra mega power projects

Of these, the company has started one project, the 1,200-megawatt Rosa plant, which is half complete.

Two power projects of 3,960 megawatts each at Krishnapatnam in eastern Andhra Pradesh state and Chitrangi in central Madhya Pradesh are “at a critical stage and have immediate fund requirements.

The company plans to put all its gas-based power projects on fast-track and venture into renewable power segment.

At the same time, Sterlite Industries Group and Jindal Steel & Power are also looking to raise equity for the power business.

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