After approving Rs 3,000 crore preferential issue, Reliance Infra board to meet on October 1 to consider raising long-term resources

Reliance Infrastructure's board is scheduled to meet on Tuesday, October 1, to consider and approve raising long-term resources. This will be a second meeting after the board gave the nod to a preferential issue of Rs 3,000 crore on September 19. Reliance Infrastructure plans to raise the resources from the domestic and/or global markets.

The board will, among other things, meet to "consider and approve raising of long term resources from domestic and/or global markets" through "equity shares/equity-linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate", the company said in a regulatory filing post-market hours on Thursday. 

Reliance Infrastructure (also popularly known as Relinace Infra or RInfra) is part of Reliance Group, led by top businessman Anil Ambani. 

Meanwhile, Reliance Infra shares have grown exponentially over the recent past, with a year-to-date return of more than 54 per cent as of September 26.

This marks a sharp outperformance to the headline Nifty50 index, which has rallied 21 per cent during this period.

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