Rel Infra raises Rs 1,821 cr; promoters grp stake rises to 42%

The board at its meeting on March 31 approved allotting 4.29 crore shares on conversion of warrants, representing 4.99 per cent stake in the company, to AAA Projects Ventures at Rs 929 per share, aggregating to Rs 1,821 crore, Reliance Infrastructure said in a filing to the Bombay Stock Exchange.

AAA Projects Ventures is one of the promoters of Reliance Infrastructure.

The promoter group's holding has gone up to 42.73 per cent from 37.74 per cent, as a result of this new equity capital infusion.

"This equity capital infusion will substantially enhance Reliance Infra's net worth to Rs 16,000 crore, and further augment its borrowing capabilities to Rs 32,000 crore," the company said.

The effective purchase cost to the promoter group is Rs 1,112 per share after taking into consideration the upfront payment of Rs 783 crore already received on warrants issued earlier, which were cancelled, the filing added.

On converting the balance warrants, the promoter group's holding would increase to 48 per cent.

Shares of Reliance Infrastructure were trading at Rs 1,020.80 on BSE, up 2.25 per cent from previous close.