Mahan Energen Limited announced that it will issue 50,000,000 common shares of par value INR 10 per share at an issue price of INR 10 per share for gross proceeds of INR 500,000,000 on March 27, 2024. The transaction will include participation from new investor, Reliance Industries Limited. The new investor will hold 26% stake in the one unit of 600 MW capacity of the company's Mahan thermal power plant.

The company, returning investor Adani Power Limited, and new investor Reliance Industries Limited have signed an investment agreement. Closing of the transaction is subject to customary closing conditions including receipt of requisite approvals and and is expected to be completed within 2 weeks of receipt of completion of conditions precedent and receipt of such approvals.