Vijay Kedia bought 40,00,000 shares of this Reliance Group infra stock; Company incorporates new subsidiaries; details inside!

The stock is up by 20 per cent from its 52-week low of Rs 132.50 per share.

On Thursday, the stock market ended the day in green with BSE Sensex Index up by 0.93 per cent and NSE Nifty-50 Index up by 0.89 per cent. Along with the market in green, shares of Reliance Infrastructure Ltd gained 5.17 per cent to Rs 157.70 per share from its previous closing of Rs 149.95 with an intraday high of Rs 161.95 and an intraday low of Rs 153. The stock’s 52-week high is Rs 308 and its 52-week low is Rs 132.50. 

An ace investor, Vijay Kedia thought his owned company Kedia Securities Pvt Ltd bought 40,00,000 shares or 1.01 per cent stake in the company as of March 2024. 

NEW SUBSIDIARIES UPDATE

Reliance Infrastructure Ltd.’s wholly-owned subsidiary Reliance Energy Limited (REL) incorporated a new wholly-owned subsidiary named Reliance Risee Private Limited (RRPL). RRPL's authorized and paid-up share capital is Rs 1,00,000 consisting of 10,000 equity shares of Rs 10 per share. Since it's a new subsidiary, it has no turnover or business operations as of yet. The main objective of RRPL is to act as advisors and consultants on various matters related to engineering, technology, and commodities. They will also be authorized to deal in all kinds of commodities and their derivatives. The incorporation of RRPL is not considered a related party transaction and does not require any governmental approvals for completion.

REL has also incorporated another wholly-owned subsidiary, Reliance Jai Private Limited (RJPL). Similar to RRPL, RJPL's authorized and paid-up share capital is also Rs 1,00,000 with 10,000 equity shares of Rs 10 per share. As a new subsidiary, it has no past financial history or ongoing operations. RJPL's focus will be on the infrastructure sector, dealing in and manufacturing various infrastructure-related products. Their areas of operation include power generation stations, telecommunication network services, and other diverse products and services. Similar to RRPL, incorporating RJPL is not considered a related party transaction and doesn't require any government approvals.

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About Reliance Infrastructure Ltd

Reliance Infrastructure Ltd is a major Indian infrastructure company with a presence across several sectors. They develop projects through special-purpose vehicles, and their work spans power generation, transmission, distribution, and trading. They're also involved in building and operating roads, metro systems, airports and even have a defence subsidiary. Notably, they're the largest concessionaire under India's National Highways Authority, and their engineering and construction arm provides turnkey solutions for power plants.

The company has a market cap of Rs 6,247 crore and reported a mixed set of numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock is up by 20 per cent from its 52-week low of Rs 132.50 per share. The promoters of the company own 16.50 per cent, FIIs own 11.77 per cent, DIIs own 2.16 per cent, the Government own 0.02 per cent and the public & others own the rest of the stake i.e., 69.55 per cent as of March 2024.

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Disclaimer: The article is for informational purposes only and not investment advice.