Reliance Power to raise Rs.4,198-Cr from Varde Partners in FCCBs

Publicly-listed Reliance Power , an Anil Dhirubhai Ambani Group (ADAG) company, is to raise INR 4,198 crore through foreign currency convertible bonds (FCCBs), to be issued to affiliates of Singapore-based Varde Investment Partners.The bonds, set at an interest rate of 5% per annum, will mature in 10 years and be convertible into equity at INR 51 per share. The proceeds are expected to help the company reduce debt and fuel growth, particularly in its renewable energy ventures.In September, Reliance Power’s subsidiary Rosa Power had prepaid INR 850 crore to Varde Partners.