Reliance Infrastructure Ltd. board on Thursday authorized elevating Rs 3,014 crore by preferential situation of shares to promoter and non-promoter entities to fund enterprise enlargement. The corporate additionally sought shareholders’ nod to boost as much as Rs 3,000 crore by making a certified institutional placement of shares.
The corporate will situation 12.56 crore fairness shares or warrants convertible into an equal variety of shares at Rs 240 apiece, in line with an trade submitting.
The preferential situation will likely be made to Risee Infinity Pvt., a promoter group entity, which is able to consequence within the rise of its stake in Reliance Infrastructure from the present 16.31%.
Additional, shares will likely be supplied to Florintree Innovation LLP and Fortune Monetary & Equities Companies Pvt.
The proceeds can be utilised for enlargement of enterprise operations immediately or by way of funding in subsidiaries and joint ventures, together with assembly the long-term working capital necessities and for normal company functions, the corporate mentioned.
The preferential situation will improve Reliance Infrastructure’s web price from over Rs 9,000 crore to over Rs 12,000 crore, it added.
