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Reliance Infra To Raise Rs 550 Cr At Issue Price of Rs 62; Shares Hit 52-Week High

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Reliance Infrastructure Ltd (RInfra), owned by Anil Ambani, announced on Sunday that its board of directors has approved raising a total of Rs 550.56 crore through the preferential allotment of up to 88.8 million shares and/or warrants convertible into shares of the company to the promoter group and VFSI Holdings Pte. Ltd, a Värde Investment Partners LP affiliate.

 

At 11.10 am, Reliance Infrastructure shares trading at Rs 71.50 on the BSE, up Rs1.70 or 2.44 percent from its previous close of Rs69.85. It has touched a 52-week high of Rs 73.30.

The cash raised would be used for long-term resources, general company goals, future growth, and debt reduction, among other things.

RInfra To Raise Rs 550 Cr At Issue Price of Rs 62; Shares Hit 52-Week High
Reliance Infrastructure: Quotes, News
BSE 102.25BSE Quote3.05 (-2.98%)
NSE 105.2NSE Quote0 (0.00%)

According to Sebi regulations, the shares and/or warrants will be issued at a price of 62 per share.

Reliance Infra is an infrastructure firm that develops projects through special purpose vehicles (SPVs) in a variety of high-growth sectors, including power, roads, and metro rail in the infrastructure space, as well as the defense industry.

In Delhi, RInfra has a foothold in the power distribution market. The promoters would provide 400 crores, while Varde would contribute 150 crore, according to the company. Following the investment, the promoters will own 23 percent of the company, Varde will own 7%, and public investors will own 70% of the company.

 

Reliance Infra Company Details'
Price: 70.50
Market Cap: RS 1.88TCr

In the past year, the stock has given a return of 208%.

GoodReturns.in

Read more about: reliance infra anil ambani
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