Reliance Anil Ambani Group said it will infuse fresh equity capital of up to Rs 8,000 crore in Reliance Energy Ltd, a move that will help it execute large projects in power and infrastructure sectors.
“The new equity infusion of capital of up to Rs 8,000 crore will propel Reliance Energy into a completely new orbit, facilitating our participation in a large number of forthcoming mega projects,” an ADAG statement said.
The Group said infusion of new equity capital at a premium of 5 per cent to the current market price and the minimum SEBI formula determined price sets a “new trend in corporate governance and transparency”.
REL scrip settled at Rs 1,738.10 at the Bombay Stock Exchange on Friday, November 30.
It also provides a “strong signal to capital markets and the international and domestic investor community on our confidence in the company’s future growth prospects”, the Group said.