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Reliance Energy Ltd has informed that the Board of Directors of the Company at its meeting held on December 02, 2007 has approved the proposal for new equity capital infusion of up to Rs 8,000 crore into the Company.
The Reliance Energy group is engaged in several mega projects under implementation and under consideration, in power generation, transmission, and
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distribution, as well as infrastructure development in areas such as highways, bridges, metro rail, real estate, etc.
A large number of new mega infrastructure projects are also soon being put to bid, to provide further impetus to the countrys rapidly accelerating economic growth.
The new equity capital will substantially enhance Reliance Energys net worth, and further augment its borrowing capabilities, to enable greater participation in these mega growth opportunities in high growth areas, thereby generating superior returns for over 1.5 million shareholders.
The new equity capital infusion is proposed through a preferential offer of equity shares and / or equity related securities to Reliance Anil Dhirubhai Ambani Group. Life Insurance Corporation, New India Assurance, Oriental Insurance, General Insurance, National Insurance and United India Insurance, which have been long-term shareholders of the Company over the past several decades and who collectively hold approx. 18% of equity, will be provided an opportunity to participate in the proposed offering, on the same terms and conditions.
The preferential offer, which is subject to necessary approvals from shareholders, will be made at a price of Rs 1,812 per share, representing a record premium of 5% to the current market price, and the minimum price as per applicable SEBI Guidelines.
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