Reliance Infrastructure’s shareholders have also overwhelmingly approved the raising of funds through the issuance of international foreign money convertible bonds (FCCBs) worth up to 24% of the company’s fully diluted equity share capital.
Reliance Infrastructure Ltd said on Wednesday that its shareholders have approved a preferential share offering to raise cash of up to Rs.550.56 crore.
In a regulatory filing, the business stated that the monies raised would be used for long-term resources, general corporate objectives, and to fund future growth.
“The shareholders of Reliance Infrastructure have approved the raising of funds up to Rs.550.56 crore by preferential allotment with an overwhelming majority,” according to the filing.
The filing also further stated that the funds will be generated by a preferential issue of up to 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares of the firm to promoters and VFSI Holdings Pte Ltd, a Värde Investment Partners, LP affiliate.
“Through a postal poll, the shareholders of Reliance Infrastructure have approved the raising of funds up to Rs 550.56 crore by preferential allotment with an overwhelming majority,” according to the filing.
The issuing of foreign currency convertible bonds (FCCBs) up to 24 percent of the fully diluted equity share capital of Reliance Infrastructure was also approved by the company’s shareholders with an overwhelming majority, according to the filing.
Reliance Infrastructure is one of the largest infrastructure businesses in the world, creating projects through special purpose vehicles (SPVs) in many high-growth sectors. These include the power, highways, and metro rail in the infrastructure domain, as well as the defense industry.
The stock has risen roughly 198 percent year to date. The shares of Reliance Infrastructure closed at Rs 82.10 per share, up 4.99% today.
