Reliance Infrastructure: Reliance Infrastructure said on September 19 that its board of directors has approved a preferential issue of equity shares worth Rs 3,014.4 crore. In this, 12.56 crore shares or convertible warrants will be issued at an issue price of Rs 240 per share. The preferential issue will be issued to promoter group company Raise Infinity Private Limited along with other investors such as Florintree Innovation LLP and Fortune Financial and Equities Services Private Limited etc.

The company said in an exchange filing that the purpose of this move is to increase the equity stake of the promoters in the company. Before PBeforethis step, the company had said that it would review a possible preferential share issue to raise new capital. The amount related to the preferential issue was not mentioned in this announcement. Reliance Infra said that the money raised from the preferential issue will be used to expand business operations. This includes investing in subsidiaries and joint ventures, meeting long-term working capital requirements, and general corporate needs.

The company said that its net worth will increase from Rs 9,000 crore to Rs 12,000 crore through the preferential issue. Postal ballot notices will be issued to shareholders to obtain shareholders' approval of this proposal. Earlier, Reliance Infrastructure had raised Rs 550 crore through a similar preferential issue in July 2021. At that time, the promoters had invested Rs 400 crore in it, while Varde Capital Partners contributed Rs 150 crore. The company's stock closed almost flat at Rs 282.80 on September 19.