Reliance Power on Sunday said its board has approved preferential issue of shares and warrants of up to Rs Rs 1,325 crore to promoter company Reliance Infrastructure Ltd (RInfra).

The preferential allotment will reduce Reliance Power's standalone debt by Rs 1,325 crore and along with planned debt reduction in subsidiaries, Reliance Power's consolidated debt will reduce by about Rs 3,200 crore in FY22, Reliance Power said in a statement.

The board "has approved preferential issue of upto 59.5 crore equity shares and upto 73 crore warrants convertible into equivalent number of equity shares of the company at an issue Price of Rs 10 each by conversion of debt, aggregating upto Rs 1,325 crore to Reliance Infrastructure Limited, a listed promoter company", the statement said.

Boost to Modi government’s ‘Make in India’ policy! Giving a push to Prime Minister Narendra Modi’s vision of an Aatmanirbhar Bharat, Piyush Goyal-led Indian Railways has exported another ‘Made in India’ locomotive to Mozambique. Recently, the Railway Minister announced that despite COVID-19 challenges, Indian Railways has exported a 3000 HP Locomotive to Mozambique, in addition to two locomotives that were exported in March 2021. Goyal, in the month of March, flagged off 3000 HP Cape Gauge loco via video conferencing, which was indigenously manufactured by Banaras Locomotive Works in Varanasi.

In March, the Railway Ministry had stated that the locomotives’ export to Mozambique will boost the Indo-African relationship as well as pilot the economic empowerment through export. The national transporter had exported the first batch of two locomotives in March as part of total order of six locomotives of 3000 HP cape gauge as well as 90 stainless steel passenger coaches to the African nation. According to the Railway Ministry, some of the key features of 3000 HP Cape Gauge locomotives are:

Finance Minister Nirmala Sitharaman will chair the GST Council meet on June 12. The all-powerful council will discuss and implement GST rate cut for COVID essentials and black fungus medicine, officials told PTI. The date confirmation comes after a Group of Ministers (GoM) that was set up to recommend tax relief on COVID essentials, including PPE kits, masks and vaccines, to the GST council submitted its report on June 7. GoM was set up in the previous meeting of GST council on May 28.

Officials said the GST Council would be meeting on June 12, to discuss the GoM report as well as consider tax rate cuts for black fungus medicine.  

Amazon's billionaire founder Jeff Bezos on Monday announced that he will be flying to space along with his brother on the first crewed flight of the New Shepard, the rocket ship made by his space company, Blue Origin next month.

The flight is scheduled for July 20, just a couple of weeks after Bezos plans to resign as Amazon's CEO. The date also marks the 52nd anniversary of the Apollo 11 moon landing.

The information about his space travel was shared through Bezos' Instagram post that ended with Blue Origin's Latin motto, Gradatim Ferociter - which the company translates as "step by step ferociously."

Amazon’s billionaire founder Jeff Bezos said on Monday he and his brother Mark will fly on the first crewed space flight from his rocket company Blue Origin next month.

"Ever since I was five years old, I've dreamed of traveling to space. On July 20th, I will take that journey with my brother," Bezos, who is one of the richest people in the world, said in an Instagram post.

Bezos, who is due to step down as Amazon's chief on July 5, will join the winner of an auction for a seat on the first space flight from Blue Origin.