Reliance Infrastructure Shares Surge on Project-Funding Report
Reliance Infrastructure Ltd., controlled by billionaire Anil Ambani, rose the most in almost two years after Mint newspaper reported the company expected to raise 80 billion rupees ($1.8 billion) of debt in a month.
Reliance, which also today began operating an airport rail- link in New Delhi, surged 12 percent, the most since May 2009, to close at 696.9 rupees in Mumbai trading. The Mumbai-based company was the biggest gainer among the 30 stocks on the benchmark Sensex Index, which fell 0.6 percent.
The fundraising will mean that Reliance has all of the financing it needs for 25 planned developments, Lalit Jalan, chief executive officer of the company, said in an interview published in the Mint today. The company has already raised 300 billion rupees, enough for 22 of the projects, the report said.
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