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.

This comes days after Reliance Infrastructure, another Anil Ambani-led group firm, approved raising Rs 6,000 crore

Reliance Power Ltd. on Monday approved raising Rs 1,525 crore through preferential issue of shares and warrants to support the company’s participation in the renewable energy sector. The company has approved issuance of upto 46.

Anil Ambani's Reliance Group has in recent years seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation.

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.

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.