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Reliance Power promoters aim Rs 2,500 crore from stake sale

Qatar Investment Authority, Abu Dhabi Investment Authority, Blackstone, TPG and KKR are among the major players that are interested in bidding for stake in Reliance Power.

twitter-logo PTI   New Delhi     Last Updated: February 19, 2019  | 16:20 IST
Reliance Power promoters aim Rs 2,500 crore from stake sale
PC: Reuters

Sources said that promoters plan to offload 18 to 19 per cent of their 30 per cent direct holding in the company. Overall, they would retain 51 per cent of direct and indirect shareholding post sale. At the end of December 2018, promoter entities held 75 per cent stake in the company, as per data available on the BSE.

Qatar Investment Authority, Abu Dhabi Investment Authority, Blackstone, TPG and KKR are among the major players that are interested in bidding for stake in Reliance Power, the sources said.

Last week, Reliance Group reached a 'standstill agreement' with more than 90 per cent of its lenders under which they would not sell any of the shares pledged by promoters till September.

Under the pact, the group would pay the principal and interest amounts to the lenders as per the scheduled due dates. It has also appointed investment bankers for part placement of the group's direct 30 per cent stake in Reliance Power to institutional investors, officials at the lenders and Reliance Group said Sunday.

In afternoon trade, shares of Reliance Power rose 2.20 per cent to Rs 11.60 apiece on BSE.

Also read: Breather for startups: Govt revises definition, widens Angel Tax net

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