According to the information given to the stock market, this will reduce the debt of Reliance Power by Rs 1,325 crore. Reliance Power’s total loan will reduce by Rs 3,200 crore in the year 2021-22.
The board of debt-ridden Anil Ambani’s Reliance Power Limited approved the proposal to issue 59.5 crore preferential shares and 73 crore warrants to its promoter company Reliance Infrastructure Limited for a total of Rs 1,325 crore. given. Reliance Power gave this information to the stock market.
Reliance Power said that its board of directors has approved the issuance of 59.5 crore equity shares and up to 73 crore number of warrants on preferential basis to listed company Reliance Infrastructure at an issue price of Rs 10.
Reliance Power’s debt will come down
According to the information given to the stock market, this will reduce the debt of Reliance Power by Rs 1,325 crore. The total loan of Reliance Power will decrease by Rs 3,200 crore in the year 2021-22. Reliance Infrastructure and other promoters will hold 25 per cent in Reliance Power after the issue of new shares and 38 per cent after the warrants are converted into shares.
Company came into profit from loss
Reliance Power had posted a consolidated net profit of Rs 72.56 crore for the quarter ended March 2021. The company had posted a consolidated net loss of Rs 4,206.38 crore for the quarter ended March 2020. It is a big relief for Anil Ambani and the CEO of Reliance Infra that the company is showing a profit of 72 crores after coming out of the loss of 4,206 crores. Reliance Power has increased in profit as well as income during this period. The company’s total income in the March quarter this year was Rs 1,691.19 crore. It had shown an income of Rs 1,902.03 crore in the same period a year ago.
In the financial year 2020-21, the consolidated net profit of the company stood at Rs 228.63 crore, as against Rs 4,076.59 crore in 2019-20. The company’s total income in the year 2020-21 was Rs 8,388.60 crore, as against Rs 8,202.41 crore in the previous financial year.
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