Shares of Reliance Power Ltd ended at Rs 23.30, up by Rs 2.10, or 9.91 percent on the BSE.
Reliance Power Ltd and its subsidiary on Monday said it has signed a pact with Varde Partners for availing debt of up to Rs 1,200 crore.
In a regulatory filing, Reliance Power said on September 5 the company and its subsidiary have entered into an indicative memorandum of understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore ($150 million) "for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by Reliance Power."
The drawdown of the debt will be subject to finalisation and execution of binding documents and all requisite approvals, including regulatory approvals as per applicable rules/laws/regulations, the company said.
The stock exchanges will be updated once the terms of the proposed financing are finalised and the definitive documents in relation to the proposed financing are executed, it said.
Varde Partners is a leading global alternative investment firm specialising in credit and credit-related assets.
Reliance Power is a part of the Reliance Group and is India’s leading private sector power generation and coal resources company. The company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.