Yes Bank on Tuesday said it has acquired around 30 per cent stake in a wholly-owned subsidiary of Reliance Power after invoking pledged shares.
The bank has acquired 12.73 crore equity shares having nominal value of Rs 10 each per share constituting around 29.97 percent of the post-issue paid-up share capital of Rosa Power Supply Company Ltd., a wholly-owned subsidiary of Reliance Power Ltd, Yes Bank said in a regulatory filing.
“Shares have been acquired pursuant to invocation of pledge of shares to RPSCL subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Reliance Power Ltd.,” it added. Incorporated on Sept. 1, 1994, RPSCL is engaged in the business of power generation.
The Rosa Thermal plant (1,200 MW) at Shahjahanpur in Uttar Pradesh, owned by the RPSCL generated 4,341 million units for the year ended March 31, 2019.