RInfra to raise up to Rs 550 cr through preferential issue

New Delhi: Anil Ambani-led Reliance Infrastructure Ltd (RInfra) will raise up to Rs 550 crore through a preferential issue of shares. 

The Board of Directors of the company held a meeting today and approved the proposal of preferential allotment of equity shares to the promoters and also Värde Investment Partners, LP, at Rs 62 per share, the company said in a regulatory filing. 

“The Board of Directors of Reliance Infrastructure Limited (RInfra) at its meeting held today 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 Pte. Ltd, an affiliate of Värde Investment Partners, LP," the statement issued by the company 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," the statement added.

The monies raised will be utilised for general corporate purposes, long-term resources, fund the future growth and also to reduce debt, the company said.