Reliance Infrastructure shares in news today ahead of meeting to raise funds

Shares of Reliance Infrastructure are in news today after the  Anil Ambani-led firm said its board would consider raising funds from domestic or global markets on October 1. Shares of Reliance Infrastructure ended 1.88% lower at Rs 328.65 on BSE on Thursday. Market cap of the firm stood at Rs 13,018 crore. 

"We wish to inform you that a meeting of the Board of Directors of the Company will be held on Tuesday, October 1, 2024, inter alia, to consider and approve 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 and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate," said  Reliance Infrastucture.

The Reliance Infrastructure stock has a negative PE ratio of -8.21 and a price to book ratio of 2.06. Earnings per share of the stock is negative at -40.04. Return on equity is also negative at -25.15, according to the BSE website. 

Reliance Infrastructure shares have a one-year beta of 1.4, indicating high volatility during the period. In terms of technicals, the relative strength index (RSI) of Reliance Infrastructure stands at 79.4, signaling it's trading in the overbought zone. Reliance Infrastructure shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.    

Last week, the Anil Ambani-led firm said it has reduced its standalone external debt from Rs 3,831 crore to Rs 475 crore. Consequently, the net worth of the company will stand at Rs 9,041 crore.

"Invent Assets Securitisation and Reconstruction Private Limited, a lender to the company, has novated certain charged securities to recover its dues. As a result, Invent ARC's entire fund based outstanding amount has been reduced to zero. Additionally, Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders," said Reliance Infra in a communication to bourses.