Reliance Infrastructure's board will meet on October 1 to approve plans for raising long-term funds as the company's shares have surged over 54% this year.
Reliance Infrastructure’s board is set to convene on Tuesday, October 1, to discuss and approve plans for raising long-term financial resources. This meeting follows a previous session on September 19, during which the board authorized a preferential issue worth ₹3,000 crore. The company aims to secure these funds from both domestic and international markets.
In a regulatory filing made after market hours on Thursday, Reliance Infrastructure outlined the various methods they are considering for raising these resources. Options include issuing equity shares, equity-linked securities, or warrants convertible into equity shares. The company may pursue a preferential issue, qualified institutional placement, rights issue, or foreign currency convertible bonds. The board will also discuss setting the issue price and seeking the necessary approvals from members and other relevant parties.
Reliance Infrastructure, often referred to as RInfra, is a significant part of the larger Reliance Group, which is headed by prominent businessman Anil Ambani. The company has seen notable growth in its stock performance lately. As of September 26, Reliance Infra shares have risen by over 54% since the beginning of the year, significantly outperforming the broader Nifty50 index, which has increased by 21% in the same timeframe.
This impressive rise in share value highlights investor confidence in Reliance Infrastructure's strategic initiatives and its potential for future growth. The upcoming board meeting is expected to provide further clarity on the company’s financial strategies as it aims to strengthen its position in the market.
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