Rosa Power, a subsidiary of Reliance Power, is learned to be on track of becoming debt-free by paying off its debt of Rs 850 crore to Singapore-based Varde Partners.

The large deal also triggered a spike in volumes in the counter as 22 crore shares of Reliance Power changed hands on the bourses so far in trade, a meteoric rise from the one month daily traded average of five crore shares.

The proceeds from the preferential issue will be utilised to expand business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes,

Reliance Power seeks shareholder approval to raise Rs 1,525 crore through a preferential issue, with promoters investing Rs 600 crore. The proceeds will be used for business expansion, debt reduction,

Reliance Power shares surged 5% after the company announced a preferential issue of equity shares worth Rs 1,524.60 crore, aimed at strengthening its financial position and expanding into renewable energy.

Reliance Power's board of directors approved the issue of preferential shares to raise ₹1,524.60 crore, the company said in an exchange filing on Monday.

MUMBAI: Reliance Power, which is among the few operational companies from the nearly-crippled Anil Ambani group, has decided to go for a fund raising worth Rs 1,525 crore through a preferential allotment of shares or warrants to the promoters and promoter entities.