Reliance Infrastructure Ltd board approves preferential issue to promoters and Värde Investment Partners, LP

The Board of Directors of Reliance Infrastructure Limited (RInfra) at its meeting held today has approved raising of funds upto Rs. 550.56 crore by preferential allotment of upto 8.88 crore equity shares and / or warrants convertible into equivalent number of equity shares of the Company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP at an issue price of Rs. 62 per share based on SEBI (ICDR) Regulations.

The funds raised would be utilised for long term resources, for general corporate purposes, fund future growth and also to reduce debt.

The Board approved seeking approval of the members of the Company for the above proposal through Postal Ballot.

The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.

Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.69.85 as compared to the previous close of Rs. 66.75. The total number of shares traded during the day was 6633350 in over 14518 trades.

The stock hit an intraday high of Rs. 70.05 and intraday low of 66.55. The net turnover during the day was Rs. 460837238.

Source : Equity Bulls

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