Reliance Infra shares in spotlight as Rs 6,000 crore fundraising plan gets shareholders' nod
Reliance Infrastructure will be in focus on Monday after the shareholders approved the company's plan to raise Rs 6,000 crore through a preferential share issue and qualified institutional placement (QIP).
The proposals received over 98% approval via postal ballot, as disclosed in a stock exchange announcement.
On September 19, Reliance Infrastructure's board sanctioned the Rs 6,000 crore fundraising plan, with Rs 3,014 crore coming from preferential allotment of shares or convertible warrants, and Rs 3,000 crore from QIP.
In the first phase, the company will initiate the Rs 3,014 crore preferential placement by issuing 12.56 crore equity shares or convertible warrants at an issue price of Rs 240 each.
Promoters of Reliance Infrastructure, through Risee Infinity Private Ltd, will invest Rs 1,104 crore by subscribing to 4.60 crore shares. Other investors in the preferential issue include Mumbai-based Fortune Financial & Equities Services and Florintree Innovations LLP. Florintree, led by former Blackstone executive Mathew Cyriac, will invest Rs 852 crore for 3.55 crore shares, while Fortune Financial will contribute Rs 1,058 crore for 4.41 crore shares.
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