desk
Share
Reliance Infrastructure has informed that its board has approved the preferential issue of equity shares worth up to Rs 3,014.4 crore, which includes 12.56 crore shares or convertible warrants at an issue price of Rs 240 per share. The preferential issue will be given to promoter group company Riji Infinity Private Limited as well as other investors including Florintree Innovation LLP and Fortune Financial and Equities Services Private Limited.
In a statement to the stock exchange, the company said that the move is expected to increase the equity stake of the promoters in the company. Prior to the issuance of shares, the company had made an announcement on September 19, 2024, stating that it would review the potential preferential share issuance for the purpose of raising new capital.
Where will the money be used Reliance Infra said that the amount raised from the preferential issue will be used to expand business operations, including investments in subsidiaries and joint ventures, and to meet long-term working capital requirements as well as general corporate purposes. The company said that this preferential issue will increase its net worth from ₹ 9,000 crore to over ₹ 12,000 crore. Postal ballot notices will be sent to shareholders to seek approval for these initiatives. ₹550 crore raised through preferential issue in 2021 Reliance Infrastructure's previous fund raising effort included raising ₹550 crore through a similar preferential issue in July 2021. At that time, the promoters had invested ₹400 crore and Varde Capital Partners contributed ₹150 crore. The company's shares closed little changed at ₹282.80 on Thursday.
--Advertisement--
_1312966924_124x80.png)
