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Benzinga

World

Mark O'Donnell

Why Is Anil Ambani's Reliance Power Up 40%?

Reliance Power Reliance India Varde Partners United States Mukesh Ambani Reliance Capital

Shares of Reliance Power (NSE: RPOWER) have been volatile after the Indian electric company secured a long-term debt agreement for up to 12 billion rupees ($150.4 million) from private equity firm Varde Partners, a US-based investment firm focused on distressed assets in India.

RPOWER announced the deal on Sept. 5, sending its shares surging, and at the close of trading, the company stock price had risen 9.9% to 23.30 rupees. On Sept. 6, the company’s stocks dropped 6.0% at the close of trading to 21.95 rupees.

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