The FCCBs will be issued to the subsidiaries of Value Investment PartnersLP, a leading global alternative investment firm.
“Issuance of up to 500 million dollars of foreign currency convertible bonds (FCCB) at an ultra-low cost, with an interest of 5% per year, without guarantee and of 10 years duration, in private placement to subsidiaries of Värde Investment Partners, LP,” the company stated.
This is the second fundraising after Reliance Power’s board of directors approved a fund raising of Rs 1,525 crore through preferential allotment mode on September 23. Proceeds from the preferred issue will be used to expand business operations directly and/or through investments in subsidiaries and joint ventures, debt reduction and general corporate purposes.
The company said it has also formulated a employee share option scheme (ESOS), which will be administered by the nomination and remuneration committee, designated as the compensation committee (NRC) of the company and options will be granted to eligible employees of the company, in terms of the ESOS.
“The ESOS will be subject to necessary permission, sanction and approval, including the approval of the company’s shareholders,” the document added. Reliance Power’s scrip ended at Rs 53.65 on Thursday, up 4.99% on the BSE. The announcement came after the market closed.
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