Anil Ambani’s Reliance Infrastructure Ltd (RInfra) on Sunday said that its board has approved raising of funds upto Rs550.56 crore by preferential allotment of upto 8.88 crore equity shares and / or warrants convertible into equivalent number of equity shares of the company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP.
The funds raised would be utilised for long term resources, for general corporate purposes and to fund future growth as well as to reduce debt, the company said in a statement.
The shares and/or warrants will be issued at a price of Rs62 each based on Sebi regulations, the company added.
On Friday, shares of Reliance Infra closed at Rs69.85 apiece on the BSE.
“The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary,” the statement said.
RInfra is an infrastructure company developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
RInfra is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects.
RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis.
RInfra also has a presence in the power distribution business in Delhi.
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