Anil Ambani plans to raise whopping sum of Rs 17,600 crore to provide much-needed momentum to his business, especially the two flagship companies of his Reliance Group - Reliance Infrastructure and Reliance Power.

Reliance Group's strategy of raising capital through equity or equity-linked long-term bonds will offer the group companies essential growth capital for their expansion plans.

The board’s decision allows Reliance Power to issue FCCBs with a 10-year tenure at an ultra-low annual interest rate of 5 percent. These bonds will be unsecured and convertible into around 82.30 crore equity shares at a conversion price of Rs 51 per share, including a Rs 41 premium.

Reliance Power shares hit a 5 percent lower circuit amid market sell-off. The company on October 3 announced a Rs 4,200 crore Foreign Currency Convertible Bonds (FCCBs) issuance.

Reliance Power recently announced that it has cleared all its debt with banks and financial institutions, achieving zero debt as of June 30. Its net worth stands at Rs 11,155 crore on a consolidated basis.

Who are these two men who helped Anil Ambani to to turn debt-strapped Reliance Power Into Rs 205260000000 Company

Reliance Power shares have soared 73 per cent in the past one month. The stock is up 124 per cent year-to-date and 186 per cent in the past one year.