Reliance Infrastructure shares rally 12% to 52-week high on shareholders' nod for Rs 3,000 crore QIP
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Shares of Reliance Infrastructure today rallied 12.4% to its new 52-week high of Rs 320 on BSE after the company’s board approved raising of Rs 3,014 crore by preferential issue of up to 12.56 crore shares and convertible warrants at a price of Rs 240 apiece. “We hereby inform you that the Board of Directors at its meeting held on today i.e. Thursday, September 19, 2024, has approved inter-alia, (a) issuance of upto 12.56 crore equity shares of the Company and/or warrants convertible into equity shares of the Company at an Issue Price of Rs. 240 per share through preferential allotment. (b) to seek enabling authorization of members for raising of funds aggregating up to Rs. 3,000 Crore (Rupees Three Thousand Crore only) through issue of equity shares or any other eligible securities to qualified institutional buyers by way of qualified institutional placement,” said the exchange filing by the company. The preferential issue proceeds would...