RBNL shares continue to rally, hit upper limit at Rs 116 | business | Hindustan Times
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RBNL shares continue to rally, hit upper limit at Rs 116

business Updated: Sep 02, 2010 11:57 IST

Reliance Broadcast Network Ltd (RBNL) today climbed nearly 5 per cent to touch the upper circuit on the Bombay Stock Exchange, after the company announced raising over Rs 400 crore to fund its growth.

Anil Ambani-led RBNL opened on a firm note to hit a level of Rs 116, reflecting an upsurge of 4.98 per cent -- the
maximum permissible one day gain on BSE. The scrip had gained about 12 per cent in the last three trading sessions.

RBNL yesterday had zoomed to hit an upper circuit at Rs 110.50.

The board of directors, yesterday, approved a proposal for new capital infusion of over Rs 400 crore into the company
by preferential issue of equity shares to the promoter group and other investors.

The offer will be made at Rs 85 per share, reflecting a premium of over 25 per cent to the last 26 weeks average
market price.

On the National Stock Exchange, the stock saw a gain of 5.04 per cent to Rs 115.75.

Besides, ADAG group firms Reliance Communications fell by 0.49 per cent, while Reliance Capital was up by 1.38 per
cent and Reliance Infra by 0.50 per cent.

Meanwhile, the BSE benchmark Sensex was quoting 0.45 per cent higher at 18,288.68.