By IANS
Mumbai : Reliance Energy Ltd has allotted 43 million warrants convertible into equity shares to group company AAA Project Ventures Pvt Ltd, thereby raising Rs.78.35 billion ($1.98 billion).
The company has already received the amount payable towards allotment, REL announced here Monday.
REL will raise an amount of about Rs.78.35 billion from this issue, which will increase its net worth from Rs.103.2 billion to Rs.181.5 billion.
The promoters’ equity stake in REL will increase from 34.7 percent to 44.4 percent, it was stated.
Part of Reliance Anil Dhirubhai Ambani Group (RADAG), REL and its affiliates are engaged in several mega projects in power generation, transmission and distribution, as well as infrastructure development in areas such as highways, bridges, metro rail and real estate.
A large number of new mega infrastructure projects are also soon being put to bid, to provide further impetus to the country’s rapidly accelerating economic growth.
RADAG currently has a market capitalisation of about Rs.3.4 trillion, net worth in excess of Rs.400 billion, cash flow of Rs.90 billion, net profit of Rs.50 billion and zero net debt.
REL is ranked amongst India’s top 20 listed private companies in terms of all major financial parameters, including assets, sales, net worth, profits and market capitalisation.