Anil Ambani group firm Reliance Energy said on Tuesday it will transfer its infrastructure projects to a separate wholly-owned subsidiary to "unlock shareholder value".
"The Board of the company has approved a proposal to further unlock overall shareholder value by transferring its infrastructure projects to a separate 100 per cent subsidiary, subject to compliance with applicable laws," REL informed the Bombay Stock Exchange.
These include roads, bridges, metro rail and real estate projects,
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it said.
The announcement comes on the heels of REL's plans to list another subsidiary Reliance Power Ltd on the bourses to raise an estimated Rs 12,000 crore (Rs 120 billion). REL has already transferred its power projects to Reliance Power Ltd.
REL share price rose 2.22 per cent to Rs 1,760.10 in a firm stock market today. The scrip has more than doubled in the past two months. Promoters, led by chairman Anil Ambani, held 35.89 per cent stake in the company as on September 30.
