Reliance Infra board approves preferential issue worth Rs 3,014 crore
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Anil Ambani-promoted Reliance Infrastructure (R-Infra)’s board on Thursday approved a preferential issue to raise Rs 3,014 crore through the issuance of up to 12.56 crore equity shares at a price of Rs 240 per share.
The company said the preferential issue will be made to Risee Infinity Private Limited, a promoter group company, and to other investors, namely Florintree Innovation LLP and Fortune Financial & Equities Services Private Limited, resulting in an increase in the promoters’ equity stake.
Further, R-Infra’s board also approved seeking enabling authorisation from the shareholders to raise up to Rs 3,000 crore through a Qualified Institutional Placement (QIP).
The company said the preferential issue proceeds would be utilised for the expansion of business operations directly and/or through investment in subsidiaries and joint ventures, including meeting long-term working capital requirements and for general corporate purposes. The statement added that the enhanced capital will support the company’s participation in high-growth sectors to aid the government’s vision of ‘Make in India’ and ‘Viksit Bharat’.
Thursday’s announcement comes close on the heels of R-Infra’s debt reduction details announced earlier this week. On Wednesday, the company said it has reduced its standalone external debt by almost 87.6 per cent to Rs 475 crore, down from Rs 3,831 crore as of June.
The preferential issue, the company said, will enhance R-Infra's net worth to Rs 12,000 crore.
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