The shares of Reliance Infrastructure Ltd recorded fresh year high on Monday as its board approved the raising of funds up to ₹550.56 crore.
At 11:09 am, the company was trading at ₹71.35 on the BSE, up ₹1.50 or 2.15 per cent. It had opened at a fresh 52-week high of ₹73.30 as against the previous close of ₹69.85.
On the NSE, it was ruling at ₹71.45, up ₹1.65 or 2.36 per cent. It had opened at a fresh 52-week high of ₹73.10.
The Board of RInfra on Sunday approved raising of funds up to ₹550.56 crore through preferential allotment of up to 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares of the company at ₹62 each to the promoter group and VFSI Holdings Pte. Ltd, an affiliate of Värde Investment Partners.
The funds raised would be utilised for long term resources, for general corporate purposes, future growth and also to reduce debt.
Separately, the company’s board has also approved seeking to enable authorisation of members for issuance of foreign currency convertible bonds.
As per the proposal, FCCBs up to 24 per cent of the then fully diluted capital in tranches can be issued as may be necessary.