Reliance Infra board approves preferential issue

The funds raised would be utilised for long term resources, for general corporate purposes, fund future growth, and also to reduce debt.

New Delhi: The Board of Directors of Reliance Infrastructure Ltd (RInfra) at its meeting held on Sunday has approved raising of funds up to Rs 550.56 crore by preferential allotment of up to 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoter group and VFSI Holdings, an affiliate of Varde Investment Partners LP.

The funds raised would be utilised for long term resources, for general corporate purposes, fund future growth, and also to reduce debt. The Board approved seeking approval of the members of the company for the above proposal through postal ballot.

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, and nine road projects on build, operate and transfer (BOT) basis. RInfra also has presence in power distribution business in Delhi.

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