Reliance Infrastructure Ltd shareholders approve preferential issue, FCCB issue

The shareholders of Reliance Infrastructure Limited (Reliance Infra), through postal ballot, have approved with overwhelming majority, the 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 promoters and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP.

The shareholders of Reliance Infra have also approved with overwhelming majority, the raising of funds by issue of Foreign Currency Convertible Bonds (FCCB) up to 24% of the than fully diluted equity share capital of the Company.

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

Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.82 as compared to the previous close of Rs. 86.15. The total number of shares traded during the day was 459151 in over 5446 trades.

The stock hit an intraday high of Rs. 85.9 and intraday low of 81.85. The net turnover during the day was Rs. 38154975.

Source : Equity Bulls

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