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's board is set to meet on Monday to consider raising of long-term funds from domestic and/or global markets through multiple routes.

Reliance Infrastructure shares have posted strong returns, rising 31.51% in the past month and 25.78% over six months. Year-to-date, the stock has surged 80.53%, delivering over 49.47% returns in the last twelve months,

Reliance Power Ltd is set to raise Rs 1,525 crore through a preferential issue. Promoters, including Reliance Infrastructure, will contribute Rs 600 crore. The funds will be used for business expansion,

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.