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| Rel Infra to raise Rs 4,300 cr; promoter stake to touch 48% |
| Press Trust of India / Mumbai May 24, 2009, 17:19 IST |
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Reliance Infrastructure today said it will raise up to Rs 4,300 crore through issuance of 4.29 crore equity shares to its promoters (Anil Ambani Group), a move that would increase its promoters' holding in the company to 48 per cent.
The board of directors at its meeting today have approved the issuance of 4.29 crore shares to the promoters at a price of Rs 1,000 per share subject to shareholders approval, a company release said.
The equity shares would be alloted against an equal number of warrants issued in January, 2008. Pursuant to the said issuance, promoters' holding in Reliance Infrastructure would increase from 38 per cent to 48 per cent.
The board has also approved cancellation of 4.3 crore equity warrants issued to AAA Project Ventures, a promoter group company on January 20, 2008.
"We have a great sense of excitement at the unprecedented opportunities unfolding before Reliance Infrastructure, in high growth areas of power and infrastructure development. The new equity capital infusion reflects our strong confidence in future growth prospects of the company," Reliance Infrastructure Chairman Anil Dhirubhai Ambani said.
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