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 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.

Reliance Power seeks shareholder approval to raise Rs 1,525 crore through a preferential issue, with promoters investing Rs 600 crore. The proceeds will be used for business expansion, debt reduction,

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 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.

In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero and is implementing long-term fund raising plans that are said to solidify its financial position.