Shares of Anil Ambani-owned Reliance cos jump on preferential issue

Reliance Infrastructure

14/06/2021 10:00

** Shares of Reliance Infrastructure  RLIN.NS  rose ~5% to
87.25 rupees and Reliance Power shares  RPOL.NS  jumped 4.8% to
13.10 rupees, before trading in both the stocks was halted on
hitting upper circuit
    ** Reliance Power's board on Sunday approved a preferential
issue of up to 595 mln equity shares, 730 mln convertible
warrants worth up to 13.25 bln rupees to Reliance Infrastructure
 urn:newsml:reuters.com:*:nBSE187vlY
    ** In August last year https://www.reuters.com/article/uk-reliance-group-india-bankruptcy-idUKKBN25N15Z,
 the Delhi High Court had barred Reliance Group chairman Anil
Ambani, the younger brother of India's richest man, from
disposing off any of his assets
    ** RPOL also added that it expects its consolidated debt to
reduce by nearly 32 bln rupees in FY22
    ** RLIN's stake in Reliance Power will increase to 25% after
share issuance, and up to more than 38% on conversion of
warrants
    ** RPOL stock touches highest level in over 2 yrs
    ** Including session's gains, RLIN has more than tripled
YTD, while RPOL has risen nearly four-fold this year

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))