Anil Ambani, the younger brother of India’s richest man Mukesh Ambani with a Rs 968637 crore net worth, is scripting a massive comeback with Reliance Infrastructure. Anil Ambani's Reliance Infrastructure announced on Thursday that the company significantly reduced its standalone external debt, bringing the amount down from Rs 3,831 crore to Rs 475 crore. Following this, the company's share price showed movement as it was trading at Rs 252.15 a piece on BSE, up 7 per cent.
Reliance Infrastructure is now looking to raise Rs 6014 crore to support its expansion plans. The company will raise Rs 3014 crore initially through a preferential issue followed by an additional Rs 3000 crore through a qualified institutional placement (QIP) transaction.
The filing states that the proceeds of the preferential issue will be utilised for general corporate objectives, including satisfying long-term working capital requirements, as well as for the direct and/or indirect expansion of business activities through investments in subsidiaries and joint ventures.
The business stated in a regulatory filing that the promoter group company Risee Infinity Pvt Ltd and two other investors, Fortune Financial & Equities Services Pvt Ltd and Florintree Innovation LLP, would receive the preferential issue.
Reliance Infrastructure said, “The board also approved seeking authorisation from the shareholders to raise up to INR 3,000 crore by making a qualified institutional placement.”
“The preferential issue will result in enhancing the promoters’ equity stake. The preferential issue shall be made in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable law.
