Reliance Power's board is set to meet on Monday to consider raising long-term funds from domestic and/or global markets. The development comes after group company Reliance Infrastructure announced plans to raise funds to the tune of Rs 6,

Group Chairman Anil Ambani has raked in big gains from the recent rally in the shares of 2 group companies - Reliance Power and Infrastructure. While Ambani, who is one of the promoters, owns 1,39,437 equity shares of Reliance Infrastructure,

The company said its board has also approved a plan to raise up to ₹3,000 crore via a qualified institutional placement.

The development assumes significance as Reliance Infrastructure has already cleared its funded outstanding dues to companies including Life Insurance Corporation (LIC), Edelweiss Asset Reconstruction Company Ltd,

In Anil Ambani's major expansion plan, he is also getting 1200 cr investment as a minority stake from prominent investors.

Reliance Infrastructure shares have posted strong returns, rising 31.51% in the past month and 25.78% over six months. Year-to-date, the stock has surged 80.53%, delivering over 49.47% returns in the last twelve months,

Shares of Reliance Infrastructure zoomed 12.37% to a fresh 52-week high of Rs 320 on BSE. Market cap of the firm stood at Rs 12,622 crore.

Reliance Infrastructure under Anil Ambani seeks to raise Rs 6,014 crore to fund its expansion. The initial phase involves raising Rs 3,014 crore through a preferential issue followed by another Rs 3,000 crore via qualified institutional placement.