RIL to raise Rs 752crore through private placement
Mumbai: The Reliance Group has entered the private placement market to raise equity capital of Rs 752 crore from banks and financial institutions at par. The funds will be used for its Jamnagar and Patalganga power projects. Equity amounting to Rs 464 crore will be raised for the 500-mw Jamnagar project, while Rs 288 core will be raised for the 447-mw Patalganga project from the private placement market.
While the Reliance Group and its associate companies will hold 51 per cent equity in both power companies, the balance is being raised from banks and financial institutions. In both the projects, the Reliance Group has proposed to bring a significant part of its equity contribution in the form of foreign currency.
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