Reliance Infrastructure to raise funding from promoters to pare debt

Jun 07 2021 07:12 AM
Reliance Infrastructure to raise funding from promoters to pare debt

Anil Ambani’s Reliance Infrastructure Ltd (RInfra) on Sunday said that its board has approved raising a sum of Rs550.56 crore by preferential allotment of up to 88.8 million shares and/or warrants convertible into shares of the company to promoter group and VFSI Holdings Pte. Ltd, an affiliate of Värde 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. The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.

Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and Metro Rail in the dnfrastructure 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, and nine road projects on build, operate and transfer (BOT) basis.

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