Reliance Power Plans To Raise $500 Mln Via Foreign Currency Convertible Bonds
Indian power producer will issue the 10-year FCCBs to affiliates of Varde Investment Partners
(The Corner Office Journal) -- Reliance Power Ltd. plans to raise as much as $500 million via the issuance of foreign currency convertible bonds (FCCBs).
The company’s board on 3 October approved the issuance of up to $500 million FCCBs on a private placement basis, the Indian power producer said in a stock exchange announcement.
The FCCBs will be issued to affiliates of Varde Investment Partners LP, a global alternative investment firm.
Reliance Power said the FCCBs will be unsecured and will have ultra-low interest of 5% per annum, with a tenure of 10 years. The FCCBs will be convertible into equity shares at 51 rupees per share, it added.
The issuance will be subject to requisite approvals.
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