Reliance Infrastructure Limited board approves FCCB issue, to convert into shares at Rs. 111

The Board of Directors of Reliance Infrastructure Limited has authorised the issue of upto U.S.$100,000,000 unsecured foreign currency convertible bonds maturing in 2031 (FCCBs) with a coupon rate of 4.5% on private placement basis. The FCCBs shall be convertible into equity shares of Rs.10.00 each of the Company in accordance with the terms of the FCCBs, at a price of Rs. 111 (including a premium of Rs. 101) per equity share.

FCCB will be convertible into approximately 6,63,96,396 equity shares of Rs.10.00 each of the Company at the conversion price of Rs. 111 (including a premium of Rs. 101) per equity share. The above conversion price is 19.70% more than the floor price prescribed by law as on the Relevant Date.

FCCBs will be allotted within 30 days from the Issue Closing Date and the maturity date is 10 years and 1 day from the date of allotment of FCCBs.

Shares of Reliance Infrastructure Ltd was last trading in BSE at Rs. 105.3 as compared to the previous close of Rs. 102.5. The total number of shares traded during the day was 1235113 in over 21215 trades.

The stock hit an intraday high of Rs. 107 and intraday low of 99.4. The net turnover during the day was Rs. 128902369.

Source : Equity Bulls

Keywords