Reliance Power Limited has informed exchanges about receiving applications from Reliance Innoventures Private Limited (RIPL) and its subsidiaries. These entities are seeking a re-classification of their status from the company’s promoter group to public. This change is consequent to the implementation of RIPL’s Resolution Plan under the Insolvency and Bankruptcy Code, 2016.
Promoter Group Re-classification Announced
Reliance Power Limited has formally notified stakeholders about a significant corporate development involving its promoter group. The company has received applications from Reliance Innoventures Private Limited (RIPL), along with its subsidiaries Reliance Project Ventures and Management Private Limited and RWTIPL Industries Private Limited (formerly known as Reliance Wind Turbine Installators Industries Private Limited). These entities are seeking to change their classification from being part of the promoter group to being classified as ‘public’ shareholders.
Basis for Re-classification
This request for re-classification is a direct consequence of the implementation of the Resolution Plan for RIPL. The plan was executed by Sagacious Capital Private Limited in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016. The company has requested that this information be taken on record.
Source: BSE
