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Good news for Anil Ambani as shareholders approve Rs 6000 crore fundraising plan for…
In the earliest phase, the business has set a goal to kickstart a preferential issuance estimated to be worth Rs 3014 crore.
Updated : Oct 21, 2024, 12:16 PM IST
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Shares of Anil Ambani's Reliance Infrastructure are in focus after the company's shareholders gave a green signal to raise Rs 6000 crore through a Preferential Issue and Qualified Institutional Placement (QIP). About 98.3 percent of votes were cast in favour of the fundraiser.
The company will raise Rs 3,014.40 crore through a preferential allotment of equity shares or warrants convertible into equity shares. A total of 12.56 crore equity shares or warrants convertible into an equivalent number of equity shares will be issued for Rs 240 per share or warrant.
Additionally, two other major investors—Mumbai-based Fortune Financial & Equities Services and Florintree Innovations LLP, led by former Blackstone executive Mathew Cyriac—will invest Rs 1,058 crore and Rs 852 crore, respectively. Together, they will acquire a total of 7.96 crore shares.
The board had initially approved the fund-raising plan on 19 September. Out of the total Rs 6,000 crore, Rs 3,014 crore will be raised through a preferential allotment of shares or convertible warrants, while the remaining Rs 3,000 crore is set to be raised via a QIP.
In addition, former Blackstone executive Mathew Cyriac owned Fortune Financial & Equities Services and Florintree Innovations LLP are going to invest will invest Rs 1,058 crore and Rs 852 crore, respectively. the companies will acquire a combined 7.96 crore shares.
