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.

Reliance Power shares rose 5% to Rs 38.15, hitting a seven-year high. The increase followed the announcement of a Board meeting on September 23 to discuss raising capital. Despite regulatory challenges faced by Anil Ambani,

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 Ltd has updated about its next Board meeting for a fundraise. Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.

The stocks of Reliance Power has touched a upper circuit cap ahead of the board meeting scheduled for today. The board will take important decision on the fundraise plan. Here are the details.