Reliance Power zooms on becoming debt-free company on standalone basis
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Reliance Power is currently trading at Rs. 28.14, up by 2.07 points or 7.94% from its previous closing of Rs. 26.07 on the BSE.
The scrip opened at Rs. 27.62 and has touched a high and low of Rs. 28.67 and Rs. 27.16 respectively. So far 12775555 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 34.35 on 05-Apr-2024 and a 52 week low of Rs. 13.80 on 30-Jun-2023.
Last one week high and low of the scrip stood at Rs. 28.67 and Rs. 23.26 respectively. The current market cap of the company is Rs. 11311.79 crore.
The promoters holding in the company stood at 23.24%, while Institutions and Non-Institutions held 17.96% and 58.80% respectively.
Reliance Power has become a debt-free company on a standalone basis, successfully clearing all outstanding dues to lenders. The company, which had around Rs 800 crore in debt, has repaid its obligations to banks. Between December 2023 and March 2024, Reliance Power entered into several debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank, and DBS. The entire debt has been repaid. This pivotal development means Reliance Power is now debt-free on a standalone basis.
As part of its financial strategy, in December 2023, Reliance Power sold the development rights for its proposed 1,200 MW hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore. Further, in March 2024, the company sold its 45 MW wind energy project in Vashpet, Maharashtra to JSW Renewable Energy for Rs 132 crore. The funds from these asset sales were used to clear the debt.
Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally.
