REL gets shareholder nod to raise Rs 5000 cr

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Anil Ambani group firm Reliance Energy said it has received shareholders’ approval for raising Rs 5,000 crore and additional long-term funds through the issue of securities.

The company’s shareholders, by way of postal ballot, have approved the proposal for raising Rs 5,000 crore through the issue of securities in the international markets with requisite majority, Reliance Energy informed the Bombay Stock Exchange.

The shareholders’ have also approved raising of additional long-terms funds by issuing up to 4.30 crore warrants to the promoter group on preferential basis, entitling the holders to subscribe to an equivalent number of equity shares.

On December 14, the board of directors of the company had passed an enabling resolution for the issuance of FCCBs in the international market, for an amount not exceeding Rs 5,000 crore.

The board would decide from time to time about the amount to be raised through FCCBs under this limit, subject to relevant guidelines and approvals, it had added.