In a major development, the Board of Directors of Reliance Infrastructure Limited (RInfra) at its meeting held on Sunday i.e. 6th June, 2021, has approved raising of funds upto Rs. 550.56 crores 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.
Rs 550 crore to be raised an issue price of each Rs 62 each, based on SEBI (ICDR) REGULATIONS.
Also, Zee Business has learnt that Promoter Group to add Rs 400 crores and Varde Investment partners LP to infuse Rs 150 crores.
Noteworthy, Reliance Infrastructure already has an EPC order book of over Rs 25,000 Crore, Power distribution business in Delhi serving 45 lacs customer and Defence manufacturing business. There are new opportunities coming up everyday. Reliance Infrastructure has a stellar track record of over 20 years in execution of projects aggregating over Rs 200,000 crore.
Utilisation of raised funds by RInfra
– The funds raised would be utilised for long term resources, for general corporate purposes, fund future growth and also to reduce debt.
Zero debt company by March 2022
– Infusion of fresh liquidity will enhance the Company’s financial flexibility and liquidity, and enable it to become Zero debt company by March 2022.
RInfra in a statement said, “The Board approved seeking approval of the members of the Company for the above proposal through Postal Ballot. The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.”