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Reliance Power, part of Anil Ambani Group, plans to raise Rs 1,325 crore from its promoters to decrease debt. The board of Reliance Infrastructure and Reliance Power has approved the capital plan. Reliance Infrastructure will note an increased stake in Reliance Power to 38% from the current 9%, as Reliance Power will issue equity shares and convertible warrants. It will issue 60 crore equity shares and Rs 73 crore convertible warrants to Reliance Infrastructure at Rs 10 each, a discount to its previous closing price of Rs 13. The complete total of the capital will be used to eliminate the debt of Reliance Power, which is Rs 25,000 crore. Last week, Reliance Infrastructure announced plans to raise Rs 551 crore from its international private equity fund Varde Partners and promoters. Its stake in Reliance Power will rise to 25% after the issue of equity share and increase to 38% on the conversion of warrants into equity. The board of Reliance Power also approved two separate fund-raising proposals: issuance of foreign currency convertible bonds and the issue of equity shares with or without warrants through qualified institutions placement (QIP). The company has a working portfolio of 5,945 MW spread across renewable energy and thermal gas. Image Source Also read: Reliance Infrastructure to raise Rs 550 cr from promoters Also read: DLF rental arm raises Rs 2,500 cr in two LRDs