Raising funds up to ₹550.56 crores by preferential allotment of up to 8.88 crore of equity share/warrants convertible into equivalent number of equity shares of the company to promoter group and VFSI Holdings Pte. Ltd has been approved by the Board of Directors of Reliance Infrastructure Limited (RInfra) in one of the meetings on 6th June, 2021.
Based on the security exchange board of India (SEBI) (ICDR) Regulations, ₹550 crore is to be raised an issue price each of ₹62.
Promoter group is to add ₹400 crores and Varde Investment partners LP to infuse ₹150 crores has been learnt by the Zee Business. An EPC order book of around ₹25,000 crore is already equipped by the Reliance Infrastructure with a power distribution business at Delhi serving around 45 lacs customers and Defence manufacturing business. A stellar track record of over 20 years in execution of projects aggregating over ₹2,00,000 crore is possessed by the Reliance Infrastructure.
The company’s financial flexibility and liquidity along with enabling it to become a zero debt company by March 2022 will be enhanced by the infusion of fresh liquidity. Through the Postal Ballot, the above proposal is seeking for an approval by the members of the company for which the board has approved. As may be necessary, the above shall be subject to all requisite permissions, sanctions and approvals as per one of the statements made by the company Reliance Infrastructure.