Shares of Reliance Infra closed with a marginal gain at Rs 282.80 on Thursday. Due to some positive news, shares of Reliance Infra have been rocketing for the last 5 days. In this period, it has soared by about 32%. One more news has been added to these positive news, due to which investors will keep an eye on Reliance shares today.
Anil Ambani’s Reliance Infrastructure is planning to raise Rs 6,014 crore to fund its expansion plans. In the first phase, it will raise Rs 3,014 crore through a preferential issue and in the next phase, it will raise Rs 3,000 crore through a qualified institutional placement (QIP) deal.
what is the plan
According to a TOI report, former Blackstone chief Mathew Cyriac and equity investor Nimish Shah will invest Rs 1,814 crore in Reliance Infra’s preferential issue for a minority stake. Reliance Infra is raising Rs 3,014 crore through preferential allotment to fund its expansion, meet its working capital needs, and other purposes.
Cyriac Florintree Innovations and Shah will buy equity shares or convertible warrants worth Rs 1,814 crore of Reliance Infra through Fortune Financial and Equities Services, while Ambani will buy the remaining securities worth Rs 1,814 crore through Rise Infinity. Rise Infinity already holds about 16 per cent stake in Reliance Infra. Reliance Infra has not yet decided whether to issue equity shares or convertible warrants.
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