FIIs & DIIs increase stake: Anil Ambani-owned infra stock in green as Board to consider fundraising plans on September 19
The stock is up by 65.6 per cent from its 52-week low of Rs 143.70 per share.
On Tuesday, the stock market ended the day in the green with BSE Sensex Index up by 0.11 per cent and NSE Nifty-50 Index up by 0.14 per cent. Along with the market in green, shares of Anil Ambani -owned Reliance Group infra stock gained 20 points or 9.22 per cent to Rs 238 per share from its previous closing of Rs 215.75 with an intraday high of Rs 238 and an intraday low of Rs 217.95. The stock’s 52-week high is Rs 308 and its 52-week low is Rs 143.70. The shares of the company saw a spurt in volume by more than 2 times on BSE.
The stock name is Reliance Infrastructure Ltd.
Reliance Infrastructure Ltd is a major Indian infrastructure company with a presence across several sectors owned by Anil Ambani son of Dhirubhai Ambani. 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.
Reliance Infrastructure Ltd informed that a meeting of the Board of Directors of the company has been convened on Thursday, September 19, 2024, inter alia, to consider and approve the raising of long-term resources from domestic and/or global markets, inter alia, by issue of equity shares/equity-linked securities/ warrants convertible into equity shares, by way of preferential issue and/ or qualified institutional placement and/or rights issue or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate.
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The company has a market cap of Rs 9,335 crore and reported a mixed set of numbers in its Quarterly Results (Q1FY25) and annual results (FY24). FIIs and DIIs increased their stake to 12.37 per cent and 2.26 per cent respectively in June 2024 compared to March 2024.
The stock is up by 65.6 per cent from its 52-week low of Rs 143.70 per share. The promoters of the company own 16.50 per cent, FIIs own 12.37 per cent, DIIs own 2.26 per cent, the Government own 0.02 per cent and the public & others own the rest of the stake i.e., 68.86 per cent as of June 2024.
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Disclaimer: The article is for informational purposes only and not investment advice.
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