Mumbai: Rosa Power, a subsidiary of Reliance Power, has prepaid ₹850 crore of its debt to Singapore-based lender Varde Partners.
Anil Ambani-owned Reliance Power had recently announced that it has become debt-free.
"Following Reliance Power's achievement of zero debt, Rosa Power is now on track to become debt-free," the company said on Wednesday, adding it aims to settle its remaining debt in the next quarter, completing the process before the end of the current financial year.
Rosa Power, which operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh, has Varde Partners as its sole lender.
"The strengthening of Rosa Power's balance sheet, along with a recent ₹1,525 crore preferential issue, will support Reliance Power in exploring new business opportunities, particularly in the renewable energy sector," the company said.
On Monday, Reliance Power's board approved the preferential issue, with over ₹600 crore coming from its promoter company, Reliance Infrastructure, and the remaining ₹900 crore from Authum Investment and Infrastructure Ltd. and Sanatan Financial Advisory Services.
This preferential issue is expected to boost Reliance Power's net worth from ₹11,155 crore to over ₹12,680 crore, maintaining its zero-bank-debt status.
The proceeds will be used to expand business operations, either directly or through investments in its subsidiaries, the company said.
The firm also announced last week the settlement of guarantees worth ₹3,872 crore related to Vidarbha Industries Power.
Anil Ambani-owned Reliance Power had recently announced that it has become debt-free.
"Following Reliance Power's achievement of zero debt, Rosa Power is now on track to become debt-free," the company said on Wednesday, adding it aims to settle its remaining debt in the next quarter, completing the process before the end of the current financial year.
Rosa Power, which operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh, has Varde Partners as its sole lender.
"The strengthening of Rosa Power's balance sheet, along with a recent ₹1,525 crore preferential issue, will support Reliance Power in exploring new business opportunities, particularly in the renewable energy sector," the company said.
On Monday, Reliance Power's board approved the preferential issue, with over ₹600 crore coming from its promoter company, Reliance Infrastructure, and the remaining ₹900 crore from Authum Investment and Infrastructure Ltd. and Sanatan Financial Advisory Services.
This preferential issue is expected to boost Reliance Power's net worth from ₹11,155 crore to over ₹12,680 crore, maintaining its zero-bank-debt status.
The proceeds will be used to expand business operations, either directly or through investments in its subsidiaries, the company said.
The firm also announced last week the settlement of guarantees worth ₹3,872 crore related to Vidarbha Industries Power.
