Reliance Infra is in the limelight today. The stock, which had closed yesterday at Rs.69.85, opened itself today at Rs.73.30, up 5%, briefly hitting the UC and a new high. It is now trading at Rs.71 levels.
The stock has reacted positively to the news that its Board approved a plan to raise Rs 550 crore via preferential issue.
This is to promoters and Värde Investment Partners, LP, at a price of Rs 62 each based on SEBI (ICDR) regulations.
The ADAG group will invest Rs 400 crore, with the rest coming from Varde.
The funds raised will be utilised for long-term resources, general corporate purpose, funding future growth, and reduction in the firm’s Rs 3,808-crore debt.