Reliance Infrastructure to cancel 4.3 crore warrants, forfeit Rs 783.49 crore

Reliance Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on May 24, 2009, inter alia, has approved to cancel the outstanding 4.3 crore warrants of the Company and to forfeit an amount of Rs 783.49 crore paid thereon.

The company approved the proposal to make a preferential allotment of warrants entitling up to 4.29 crore equity shares, to the Promoter/ Promoter Group entities, subject to necessary permissions, sanctions, approvals and applicable SEBI Guidelines and other provisions of law, to generate long term resources for implementing future growth plans and to strengthen the Company's financial position.

The company will seek the approval of shareholders for issue of securities as above, through Postal Ballot.

The stock was trading at Rs.1132.65, up by Rs.11.95 or 1.07%. The stock hit an intraday high of Rs.1144.70 and low of Rs.1115.

The total traded quantity was 296765 compared to 2 week average of 1512845.

Source : Equity Bulls

Keywords