The funds would be utilised for part-funding the Rs6,000 crore stainless steel manufacturing plant in Orissa
JSL Stainless said it had received an enabling resolution from shareholders to raise up to Rs750 crore, which could be used to part-fund its greenfield plant in Orissa, through qualified institutional placement.
"The members at the extra ordinary general meeting of the company have [received] authorisation to issue, offer and allot securities to qualified institutional buyers through QIP up to an aggregate amount of Rs750 crore," JSL said in a filing to the Bombay Stock Exchange (BSE).
A company official said that the proposed fund was meant for part-funding the Rs6,000 crore stainless steel manufacturing plant in Orissa.
The shareholders have also approved the change in the name of the company to 'Jindal Stainless Ltd' from 'JSL Stainless Ltd'.
On Thursday, JSL Stainless closed at Rs74.75 per share on the Bombay Stock Exchange, 6.25% up from the previous close.
Six projects of Reliance Infrastructure would become revenue operational by March, 2012, four have already started generating revenues
Anil Ambani-promoted Reliance Infrastructure can start toll collection at its 10 road projects, which are being implemented at an estimated investment of Rs10,000 crore, by the end of this fiscal.
"Six projects of Reliance Infrastructure would become revenue operational by March, 2012, four have already started generating revenues," a source said.
The company is executing these projects of the National Highways Authority of India under the public-private-partnership (PPP) model and would earn revenue from toll collected from traffic. In these six-laning projects, tolling can be commenced parallel to the commencement of construction from the day financial closure is achieved.
These projects include six-laning of NH 4 between Pune and Satara of length 140 km in Maharashtra, six-laning of NH 7 between Hosur and Krishnagiri of length 60 km in Tamil Nadu, six-laning of NH 2 between Delhi and Agra of length 180 km in Haryana and Uttar Pradesh.
Once these projects are completed, they are likely to generate a revenue of Rs1,200-Rs1,400 crore per annum. Reliance Infrastructure plans to bag more highway projects in the future. "The mega road projects...Whenever they are bid out RInfra would been keen to develop them....Only one mega road project has been bid out so far," sources said. The 10 projects would be fully-commissioned by 2014.
Reliance Infrastructure has 25 infrastructure projects totalling Rs40,000 crore in hand, including these 10 projects. The company had posted a net profit of Rs362 crore in the quarter ended September 30, 2011.
On Thursday, RInfra closed at Rs406.30 per share on the Bombay Stock Exchange, 0.52% up from the previous close.