Reliance Infra Share Price: Reliance Infrastructure shares rally 12% to 52-week high on shareholders’ nod for Rs 3,000 crore QIP

Shares of Reliance Infrastructure today rallied 12.4% to its new 52-week high of Rs 320 on BSE after the company’s board approved raising of Rs 3,014 crore by preferential issue of up to 12.56 crore shares and convertible warrants at a price of Rs 240 apiece.

“We hereby inform you that the Board of Directors at its meeting held on today i.e. Thursday, September 19, 2024, has approved inter-alia, (a) issuance of upto 12.56 crore equity shares of the Company and/or warrants convertible into equity shares of the Company at an Issue Price of Rs. 240 per share through preferential allotment. (b) to seek enabling authorization of members for raising of funds aggregating up to Rs.

3,000 Crore (Rupees Three Thousand Crore only) through issue of equity shares or any other eligible securities to qualified institutional buyers by way of qualified institutional placement,” said the exchange filing by the company.

The preferential issue proceeds would be utilised for expansion of business operations directly or through investment in subsidiaries and joint ventures including meeting the long-term working capital requirements and for other general corporate purposes.

The preferential issue will be made to Risee Infinity, a promoter group company, and to other investors namely Florintree Innovation LLP and Fortune Financial & Equities Services.

The issue is expected to increase the promoter’s equity stake and boost the company’s net worth from over Rs 9,000 crore to more than Rs 12,000 crore.Also read: Vodafone Idea shares tumble 24% in 2 days, slip below Rs 10 mark

Reliance Infrastructure on Wednesday had also announced that the Anil Ambani-led company has made a significant reduction in its standalone external debt, bringing the amount down from Rs 3,831 crore to Rs 475 crore.

The shares of Reliance Infrastructure have increased by 78% in the last one year while surging 24% in the last 6 months and 47% on a year-to-date basis.

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