Reliance Power announced that it has secured shareholder permission to raise Rs 1,524.60 crore through the issue of preference shares. A resolution via postal ballot notice was passed with the required majority, the business announced in a late-night stock exchange filing on Wednesday.

The business will raise up to Rs 1,524.60 crore by the preferential offer of up to 46.20 crore equity shares and/or warrants convertible into an equal number of equity shares at a price of Rs 33 each.

On September 23, the board of Reliance Power Ltd approved raising Rs 1,524.60 crore through the issuance of preferential shares, with promoters infusing Rs 600 crore into the company to progress its business.

Reliance Infrastructure, the company's promoter, plans to increase its ownership interest by more than Rs 600 crore. Other investors in the preferential issuance will include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services.

According to the company, the new fund will be used to expand commercial operations directly through investments in subsidiaries and joint ventures, to pay down debt, and for general corporate objectives.

The preferred offer will increase the company's net worth from over Rs 11,155 crore to more than Rs 12,680 crore, it said.