Anil Ambani gets Diwali gift as shareholders approve Rs 60000000000 fund-raising plan for….

Reliance Infrastructure has received shareholder approval to raise Rs 6,000 crore via Preferential Issue and QIP. This decision aimed at supporting business expansion and increasing company’s net worth.

What comes as good news for Anil Ambani is that shareholders of Reliance Infrastructure have given the green light to the company’s decision to raise Rs 6,000 crore through a Preferential Issue and Qualified Institutional Placement (QIP). The resolutions were well received and secured 98 percent of votes in favour during a postal ballot.

How Reliance Infrastructure Will Raise Rs 6,000 Crore

Notably, the board members of Reliance Infrastructure initially passed the fund-raising plan last month. Out of Rs 6,000, Rs 3,000 crore will be secured through QIP and Rs 3,014 crore will be raised via preferential allotment of shares or convertible warrants

In its earliest phase, the business has set a goal to kickstart a preferential issuance estimated to be worth Rs 3,014 crore. This includes the provision of 12.56 crore shares, or convertible warrants, each tagged with a price of Rs 240. The firm’s promoters plan to chip in Rs 1,104 crore through Risee Infinity Private Limited, acquiring 4.60 crore shares in the process.

In addition, former Blackstone executive Mathew Cyriac owned Fortune Financial & Equities Services and Florintree Innovations LLP are going to invest will invest Rs 1,058 crore and Rs 852 crore, respectively. the companies will acquire a combined 7.96 crore shares.

Reliance Infrastructure’s Net Worth To Witness A Rise

Reliance Infrastructure expects its net worth to rise from 9,000 crore to 12,000 crore through the proposed Preferential Issue, which will significantly reduce its outstanding debt. The funds generated will be strategically funnelled into expanding business operations, pumping capital into subsidiaries, forming joint ventures, and effectively managing the company’s long-term working capital needs.

The shareholders of the company also accepted appointing of Manjari Kacker as an independent director by voting in her favour. This appointment is expected to improve Reliance Infrastructure’s governance standards and bring valuable expertise to its board.