Financials

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BSES Ltd. (now renamed as Reliance Energy Limited) was incorporated in the year 1929. The Company achieved steady growth in its turnover and profit and declared uninterrupted dividends to the shareholders since inception. The Company achieved steep growth from 1995-96 after the completion of 2 x 250 MW Generation Project at Dahanu. The finance for the Dahanu Generation Project was raised through issue of equity shares. borrowings from World Bank, International Finance Corporation & Indian Financial Institutions and internal accruals. The Company enhanced its equity base from Rs.11.7 crore to 111.7 crore by issuing12.5% Fully Convertible Debentures which were converted into equity in June,1992 and 15% fully convertible Debentures which were converted into equity in March 1995.The Company also issued GDR of $ 125 Million in 1996 and Convertible Bonds of $120 in 2002. The Company has prepaid all the high cost loans. The Company's Reserves &Surplus have gone up from Rs.88 Crore in March,1990 to Rs.2426 crore in 2003. The Company's performance has been highlighted in the enclosed Annual Reports from 1996-97 to 2002-03.