India's Reliance Power , part of Anil Ambani's Reliance Group, said on Monday that it plans to raise up to 15.25 billion rupees ($183 million) through a preferential allotment.

Reliance Power plans to raise ₹6,000 crore to expand its operations after becoming a debt-free company. The board will meet to consider raising funds through various means, including preferential issues and foreign currency convertible bonds.

Anil Ambani led Reliance Power has made a massive comeback in the last 6 months from increasing in share price to market capitalization, it's touching its new high.

Rosa Power, a subsidiary of Reliance Power, is learned to be on track of becoming debt-free by paying off its debt of Rs 850 crore to Singapore-based Varde Partners.

Reliance Power shares surged 5% after the company announced a preferential issue of equity shares worth Rs 1,524.60 crore, aimed at strengthening its financial position and expanding into renewable energy.

India's Reliance Power, part of Anil Ambani's Reliance Group, said on Monday that it plans to raise up to 15.25 billion rupees ($183 million) through a preferential allotment. The company aims to use the funds for business expansion and debt reduction.

The bull run in Reliance Power shares continued on Tuesday as the counter jumped 5 per cent to hit the upper circuit for the 4th day in a row. Reliance Power is owned by Anil Ambani. Reliance Power shares opened at a new 52-week and day's circuit at Rs 40.