Fri Sep 20 13:53:38 UTC 2024: ## Reliance Infrastructure Stock Soars 12% on Plans to Raise ₹3,000 Crore

Reliance Infrastructure’s share price skyrocketed by over 12% on Friday, reaching a one-year high, fueled by the company’s announcement of a ₹3,000 crore fundraising plan through a qualified institutional placement (QIP).

The company’s Board of Directors approved the QIP proposal on Thursday, aiming to raise funds by issuing equity shares or other eligible securities to qualified institutional buyers. The share price opened at ₹284.00 on the BSE, slightly lower than the previous day’s close, but quickly climbed to ₹320.

In addition to the QIP, Reliance Infrastructure also announced plans to issue up to 12.56 crore equity shares or warrants convertible into equity shares at ₹240 per share through preferential allotment.

The company highlighted its recent financial achievements, including a significant reduction in its standalone external debt from ₹3,831 crore to ₹475 crore, resulting in a net worth of ₹9,041 crore. Reliance Infrastructure also successfully settled its obligations with Edelweiss Asset Reconstruction Company Limited and cleared outstanding dues to other lenders.

Furthermore, Reliance Infrastructure reached a settlement agreement with Adani Electricity Mumbai Limited and Adani Energy Solutions Limited, resolving disputes and withdrawing arbitration claims.

Investors responded positively to these developments, driving the stock price to its highest point in a year. However, it is essential for investors to consult with financial experts before making any investment decisions.

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