New Delhi, Oct 3 (PTI) The board of directors of Reliance Power on Thursday approved a proposal to raise up to USD 500 million (about Rs 4,198 crore) through issuance bonds.

The board also approved an Employee Stock Option Scheme (ESOS) for all employees of the company, the company said in a regulatory filing.

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"Reliance Power Board approves raising USD 500 million (INR 4,200 crore) through ultra-low interest of 5 per annum pa, 10 years long tenured Unsecured Foreign Currency Convertible Bonds (FCCBs)," it said.

The FCCBs will be issued to affiliates of Varde Investment Partners, LP, which is a leading Global Alternative Investment Firm, Reliance Power said.

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The FCCBs will be convertible into equity shares at Rs 51 per share.

The Board further approved ESOS for all employees to provide grants of up to 22 crore equity shares of value of over Rs 1,180 crore (Rs 10 each) representing 5 per cent of fully-diluted capital of the company.

The ESOS will unlock the employee earning potential, in alignment to the company's performance and growth.

The ESOS shall be subject to the approval of shareholders of the company and other regulatory approvals.

Reliance Power Ltd, a part of the Reliance Group, is a leading power generation company in India with a total installed capacity of 5,340 MW, including the 4,000 MW Ultra Mega Power Project in Sasan, Madhya Pradesh.

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