Reliance Infrastructure board approves plans to raise up to Rs 6,000 crore; shares hit 52-week high

Reliance Infrastructure shares skyrocketed to a 52-week high on Friday, a day after the company's board gave the nod to a proposal to raise funds to the tune of Rs 6,000 crore. Reliance Infrastructure (RINFRA) shares surged as much as 12.4 per cent to Rs 320 apiece on BSE, surpassing an existing 52-week high of Rs 308 recorded on April 4. 

Mumbai-headquartered Reliance Infrastructure (also known as RInfra), part of the Reliance Group led by top businessman Anil Ambani, plans to raise Rs 3,014 crore through preferential shares and another Rs 3,000 crore through the qualified institutional placement (QIP) route. 

The preferential issuance of shares worth Rs 3,014 crore will be undertaken in the first phase, comprising 12.56 crore equity shares and/or convertible warrants at an issue price of Rs 240 per share, according to the company. 

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The preferential issue will be made to Risee Infinity (Rs 1,104 crore), part of the promoter group, along with Florintree Innovation LLP (Rs 852 crore) and Fortune Financial & Equities Services (Rs 1,058 crore), according to the company. 

The preferential issuance of shares will take Reliance Infrastructure's net worth to Rs 12,000 crore, from Rs 9,000 crore, with near zero debt. 

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