Wednesday, April 16, 2008

Reliance Power to raise USD 2 billion debt

Reliance Power is planning to raise USD 2 billion debt to part finance its ultra mega power project in Sasan, Madhya Pradesh, reports Business Standard.

The Anil Ambani group company has identified HSBC, Standard Chartered and ABN Amro for the said funding planning.

The company has already received the Reserve Bank of India approval for this external commercial borrowing proposal to finance the foreign exchange portion of debt for the projects. The process is expected to be completed next month.

Shares of the company gained Rs 23, or 6.37%, to end at Rs 384.35. The total volume of shares traded was 3,227,190 at the BSE. (Tuesday)

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