ADAG to pump in Rs 8,000cr new equity in REL

Reliance Anil Ambani Group today said it will infuse fresh equity capital of up to Rs 8,000 crore in Reliance Energy, a move that will help it execute large projects in power and infrastructure sectors.

"The new equity infusion of capital of up to Rs 8,000 crore will propel Reliance Energy into a completely new orbit, facilitating our participation in a large number of forthcoming mega projects," an ADAG statement said here.

The Group said infusion of new equity capital at a premium of 5% to the current market price and the minimum SEBI formula determined price sets a "new trend in corporate governance and transparency".

REL scrip settled at Rs 1,738 at the Bombay Stock Exchange on Friday, November 30.

It also provides a "strong signal to capital markets and the international and domestic investor community on our confidence in the company's future growth prospects", the Group said.