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.

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.

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.

The firm has reaffirmed its status as a debt-free entity on a standalone basis and expressed plans to explore growth opportunities, especially in the renewable energy sector

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.

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.

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.