Industrialist Anil Ambani
The woes of Anil Ambani, one of the leading businessmen in the country, seem to be easing. Anil Ambani’s two companies, Reliance Power and Reliance Infra, are playing a major role in ending his bad days. On one hand, Reliance Power shares are in the upper circuit for 3 consecutive days. On the other hand, money has started pouring in on Reliance Infrastructure.
Anil Ambani’s flagship company Reliance Infrastructure Limited will receive an investment of Rs 1,100 crore from promoters and Rs 1,910 crore from two Mumbai-based investment firms. The company provided this information in its exchange filing,
Rapid rise in stocks
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On the one hand, investors have started expressing confidence in Anil Ambani’s company. On the other hand, there is a sharp rise in the shares of these two companies. Anil Ambani’s company Reliance Power is registering a growth of 5 percent for three consecutive days. The upper circuit will be held in this manner for 3 consecutive days. The shares of Anil Ambani’s second company Reliance Infrastructure also registered a sharp rise of 12 percent today. With this rise, the shares of Reliance Infrastructure hit a 52-week high today.
Read also: Anil Ambani’s storm never stops, he enriches people every day
Approval to raise Rs 6,000 crore
The company’s board of directors has approved a fund-raising plan of Rs 6,000 crore. Of this, Rs 3,014 crore will be raised through preferential allotment of shares and Rs 3,000 crore will be raised through issue of shares to institutional buyers. As per the company’s postal ballot seeking shareholder approval for the issue of shares, the company will in the first phase commence a preferential placement of Rs 3,014 crore under which 12.56 million shares or convertible warrants will be issued at the issue price of Rs 240 per share. Of this, Rs 1,104 crore will be invested through Reliance Infrastructure’s promoter company Raiji Infinity Private Limited. The other two investors participating in this preferential placement are Mumbai-based Fortune Financial & Equities Services and Florintry Innovations LLP.
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