Report of the Monitoring Agency for the quarter ended March 31, 2025
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Reliance Power has submitted the Monitoring Agency Report from Infomerics Valuation and Rating for the quarter ended March 31, 2025. The company had issued 46.2 crore convertible warrants in October–November 2024 aimed at raising up to Rs. 1,524.60 crore, but has so far received only Rs. 645.15 crore (the 25% upfront subscription plus a Rs. 264 crore advance from Reliance Infrastructure). Of this, Rs. 645.15 crore has been fully utilized: Rs. 169.54 crore for expansion of business/investments in subsidiaries, Rs. 151.06 crore for debt reduction, and Rs. 324.55 crore for general corporate purposes. During Q4 FY25, only Rs. 8.01 crore was deployed, mainly Rs. 5.48 crore into subsidiary Reliance NU Suntech for SECI award-related fees and Rs. 2.53 crore for a windmill project in Tamil Nadu. The Monitoring Agency reported no deviation from stated objects and no delay in implementation.
This is a routine compliance filing and largely neutral for shareholders. However, it highlights that nearly Rs. 879 crore of the planned Rs. 1,524.60 crore warrant issue is still pending — warrant holders have not yet paid the 75% balance, meaning future dilution risk remains and the company's expansion plans depend on this remaining capital actually coming in.