Reliance Infrastructure shareholders clear Rs 6,000-crore fund-raising plan

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Reliance Infrastructure, portion of the Reliance Group led by apical businessman Anil Ambani, said connected Sunday that its shareholders had approved a program to rise Rs 6,000 crore by the issuance of shares done preferential and qualified organization placement (QIP) routes. The institution said the shareholders gave motion to some proposals successful this regard, with much than 98 per cent votes successful favour of the resolutions done a postal ballot.

On September 19, Reliance Infrastructure's committee had approved a program to raise Rs 6,000 crore.

The institution aims to rise Rs 3,014 crore done the preferential allotment of shares oregon convertible warrants and Rs 3,000 crore done a QIP of shares.

In the archetypal phase, Reliance Infrastructure volition motorboat the preferential issuance of 12.56 crore equity shares oregon convertible warrants astatine Rs 240 per share, retired of which, a sum of Rs 1,104 crore volition beryllium invested by the promoters of Reliance Infrastructure done promoter institution Risee Infinity Pvt Ltd. Risee Infinity volition subscribe to 4.60 crore shares.

The 2 different investors participating successful the preferential contented are Mumbai-based Fortune Financial & Equities Services and Florintree Innovations LLP. Florintree is owned by erstwhile Blackstone enforcement Mathew Cyriac portion Fortune Financial is owned by equity capitalist Nimish Shah.

Fortune Financial & Equities Services is going to put Rs 1,058 crore by subscribing to 4.41 equity shares though the preferential allotment, portion Florintree Innovations volition put Rs 852 crore. The steadfast volition beryllium allotted 3.55 crore shares.

The preferential contented volition heighten Reliance Infra's nett worthy from Rs 9,000 crore to Rs 12,000 crore, with adjacent zero debt, according to the company.

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