Multibagger stock: Shares of Reliance Power Ltd are in focus on Friday morning after the Anil Ambani-promoted company said its board has approved the issue of up to $500 million or Rs 4,200 crore worth Foreign Currency Convertible Bonds (FCCBs), on private placement basis, to affiliates of Värde Investment Partners. The FCCBs would have an ultra-low cost interest of 5 per cent per annum. They would be unsecured and have a tenure of 10-year, Reliance Power said.
The FCCBs will be convertible into approximately up to 82.30 crore equity shares of Rs 10/- each of Reliance Power at the conversion price of Rs 51, including a premium of Rs 41 per equity share.
The conversion price is at a premium to the floor price calculated as average of the weekly high and low of the closing prices during the two weeks preceding the relevant date. Each FCCB of $ 1,000,000 equivalent to Rs 4,197.50 crore
“We hereby inform you that the board of directors at its meeting held today i.e., on Thursday,…
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