Reliance Energy, to share two coal blocks in Orissa with five other firms

Mumbai: Anil Ambani group company Reliance Energy Ltd (REL) has been allocated two coal blocks in Orissa jointly with five other companies.

The government has allocated Rampia and Dip side of Rampia coal blocks to REL jointly with the other companies.

"In this regard, the company has received communication from the ministry of coal, government of India," the release said, adding the allocation would enable REL to set up power generation capacity of 1,000 MW.

Reliance Energy on Tuesday said it raised Rs507 crore through conversion of foreign currency convertible bonds (FCCBs) into equity shares. The company said of the issued amount of FCCBs of $178.06 million (Rs800.18 crore), bonds aggregating $112.84 million (Rs507.1 crore) have already been converted into equity shares in the last 30 days at a price of Rs1,006.92 per share.

"In accordance with the terms of the outstanding zero coupon foreign currency convertible bonds, the company has issued notice for early conversion of these bonds subject to necessary approvals," the company said in its filing with the BSE.

The bonds, with maturity period of five year, carry a yield of two per cent per annum on maturity. Outstanding FCCBs amount to $65.221 million (Rs293.09 crore), it said. On full conversion of the outstanding bonds, the net worth of the company will increase by Rs800.18 crore to Rs10,582 crore, REL said.