Reliance Utilities board approves up to Rs. 20 billion nonconvertibles

By Tali David

Minneapolis, April 25 - Reliance Utilities and Power Pvt. Ltd. informed the Bombay Stock Exchange that its board of directors inter alia approved on April 20 an issue of secured redeemable nonconvertible debentures - PPD 3, for an aggregate amount of up to Rs. 19.5 billion.

There is a greenshoe option for up to Rs. 500 million, for a total amount of up to Rs. 20 billion.

Reliance Utilities operates a power plant for the Jamnagar refinery. It is based in Jamnagar, India.

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