MUMBAI: Anil Ambani group entity Reliance Infrastructure today said it has sought shareholder approval for raising up to Rs 4,300 crore through
preferential allotment of shares to promoters and issuance of securities to qualified institutional buyers.

In a filing to the Bombay Stock Exchange, Reliance Infrastructure said it has sought shareholder approval for issuing 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 company has also sought shareholder approval for raising funds through issuance of securities to QIBs.

Yesterday, the board had approved raising the said fund. “The new equity capital infusion reflects our strong confidence in future growth prospects of the company,” Reliance Infrastructure Chairman Anil Ambani had said.

The preferential offer would be made to the promoters, Reliance Anil Dhirubhai Ambani Group. B

Besides, Life Insurance Corporation and other insurance companies, who have been long-term shareholders of the company and who collectively hold around 20 per cent equity, would be provided an opportunity to participate in the proposed offering, the company added.

Shares of Reliance Infra closed at Rs 1,131.60, up 0.97 per cent on the BSE.

SOURCE: Economictimes

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