Rel Infra allots Rs 4,000 cr warrants to promoter co

Anil Ambani group firm Reliance Infrastructure said on Friday it has allotted 4.29 crore (42.9 million) convertible warrants worth close to Rs 4,000 crore (Rs 40 billion) to a promoter group company.

The committee of directors has approved the allotment of 4.29 crore (42.9 million) warrants to AAA Project Ventures, to be converted into equity shares after October 9, 2009, Reliance Infrastructure said in a filing to the Bombay Stock Exchange.

The warrants will be converted into an equal number of equity shares at Rs 928.89 a piece, aggregating Rs 3,984.93 crore (Rs 39.84 billion).

As in the March quarter 2009, AAA Project Ventures held 83,498,937 shares, representing a 36.88 per cent stake in the company.

Shares of Reliance Infrastructure were trading at Rs 1,117.10 on the BSE, up 1.46 per cent from the previous close.