Reliance Energy plans to issue Rs. 5 billion in convertibles

By Devika Patel

Knoxville, Tenn., Dec. 14 - Reliance Energy Ltd. informed the Bombay Stock Exchange that it passed a resolution to issue up to Rs. 5 billion in convertible bonds at a board of directors meeting on Dec. 13. It also said it would seek shareholder approval of the issue via a postal ballot.

Securities being considered include convertibles, American Depositary Receipts and Global Depositary Receipts.

Mumbai, India-based Reliance Energy is a fully integrated utility engaged in the generation, transmission and distribution of electricity in India.

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