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 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,

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.

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.

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.

Group Chairman Anil Ambani has raked in big gains from the recent rally in the shares of 2 group companies - Reliance Power and Infrastructure. While Ambani, who is one of the promoters, owns 1,39,437 equity shares of Reliance Infrastructure,