Shares of Reliance Infrastructure rose more than 4% in a sluggish market today after the Anil Ambani-led company said that its board has authorized a plan to fund Rs 2,930 crore by issuing unsecured foreign currency convertible bonds (FCCBs) to VFSI Holding.

Reliance Infrastructure shares increased 4.10% to Rs 345.80 on the BSE, up from the previous closing of Rs 332.15. The firm's market capitalization rose to Rs 13,436.77 crore. 

Reliance Infrastructure's shares have a one-year beta of 1.4, suggesting strong volatility during the time. In terms of technicals, Reliance Infrastructure's relative strength index (RSI) is 75.7, indicating that the stock is overbought.

Reliance Infrastructure's shares are trading above the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages.   

According to a regulatory filing, FCCBs will be unsecured and have a modest annual interest rate of 5% with a 10-year maturity.

"The Board of Directors of Reliance Infrastructure Limited (Reliance Infrastructure) at its meeting held today has approved raising of funds up to $350 million (Rs 2,930 crore) to VFSI Holdings Pte Limited, an affiliate of Varde Investment Partners, LP, a leading global alternative investment firm," according to the announcement.

The Reliance Infrastructure board also approved the workers Stock Option Scheme (ESOS) for all workers of the firm.

"ESOS to provide a grant of up to 2.60 crore equity shares valued at over Rs 850 crore - representing 5% of fully diluted capital," it stated, adding that ESOS will unleash employee earning potential in line with the company's performance and growth.