Reliance Power Ltd, which recently became debt-free, has announced plans for its next step. The company has scheduled a Board meeting on September 23, 2024, to discuss a potential fundraise, according to its notification to the BSE.
Earlier this month, Reliance Power settled its debt obligations as a guarantor for Vidarbha Industries Power Limited (VIPL). The company reported that it had cleared the outstanding debt of VIPL, totaling Rs 3,872.04 crore, resulting in the release of its corporate guarantees and other commitments related to VIPL.
Reliance Power also reached an agreement with CFM Asset Reconstruction Private Limited (CFM), pledging 100% of VIPL’s shares in exchange for the discharge of its corporate guarantees.
Notably, Reliance Power’s stock has shown strong performance in recent months, gaining 52.54% in the past six months and 90.51% over the last year. The small-cap stock has also delivered impressive long-term returns, rising 170.26% over the past three years and 1149.14% in the past five years.
With a strong performance history and its new debt-free status, Reliance Power’s upcoming fundraiser could signal further growth for the company.
