High net worth individuals Sanjay Dangi and Sanjay Kothari are set to invest Rs 925 crore in Anil Ambani's energy company, Reliance Power. The company, which launched India's largest IPO in 2008, plans to raise a total of Rs 1,525 crore by issuing fresh equity shares or convertible warrants.
The funds are reportedly set to help reduce debt and support its green energy projects.
According to reports, Reliance Infrastructure, which promotes Reliance Power, will invest Rs 600 crore, increasing its stake from 23% to 25%. Sanjay Dangi, who already holds around 2% of Reliance Power, will acquire over 6% through a Rs 675 crore investment via his firm, Authum Investment and Infrastructure.
Sanjay Kothari, a former executive at Enam, will invest Rs 250 crore through his company, Sanatan Financial Advisory Services, securing a 1.7% stake in Reliance Power.
The company plans to issue 46.2 crore shares or convertible warrants at Rs 33 per share. On Monday, Reliance Power's shares closed at Rs 38 on the BSE.
