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Reliance Infrastructure surges on getting nod to raise Rs 550.56 crore

Reliance Infrastructure is currently trading at Rs. 71.55, up by 1.70 points or 2.43% from its previous closing of Rs. 69.85 on the BSE.

The scrip opened at Rs. 73.30 and has touched a high and low of Rs. 73.30 and Rs. 70.10 respectively. So far 1021006 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 73.30 on 07-Jun-2021 and a 52 week low of Rs. 19.20 on 12-Nov-2020.

Last one week high and low of the scrip stood at Rs. 73.30 and Rs. 58.55 respectively. The current market cap of the company is Rs. 1861.97 crore.

The promoters holding in the company stood at 4.98%, while Institutions and Non-Institutions held 12.20% and 82.63% respectively.

Reliance Infrastructure’s board has approved raising up to Rs 550.56 crore through issuance of shares on a preferential basis. The funds raised would be utilised for long-term resources for general corporate purposes, to fund future growth and also to reduce debt. The board of directors of the company at its meeting held on June 6, 2021 has approved the same.

Reliance Infrastructure is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors within the infrastructure space such as Power, Roads, Metro Rail and Defence.

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