“RPL and its subsidiary entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of upto ~ ₹1,200 crore (US$ 150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL," Reliance Power Ltd said in a regulatory filing.
"The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations," the filing said.
The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed, it added.
Varde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Varde currently manages over USD 13 billion in assets with teams in North America, Europe, and the Asia Pacific focused, its website showed.
Reliance Power Limited, a part of the Reliance Group, is one of India's leading private sector power generation and coal resources firms. It has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.
