Home / Companies / News /  Reliance Infrastructure raises 550.56 cr via preferential allotment of securities

Reliance Infrastructure has raised 550.56 crore through issuance of securities on preferential basis, the company said in a regulatory filing on Monday. In this issue, the Anil Ambani-led company allotted 8.88 crore warrants convertible into equivalent number of equity shares.

"Consequent to approval from members, through postal ballot, Reliance Infrastructure Limited (Reliance Infra) has today allotted 8.88 crore warrants convertible into equivalent number of equity shares of the Company to Risee Infinity Private Limited, a promoter group company and VFSI Holdings Pte Limited, an affiliate of Varde Investment Partners, LP," Reliance Infrastructure said in the filing.

After this allotment, the holding of the promoter group in Reliance Infrastructure would increase to 22.06 per cent upon full conversion of warrants, it further added

The warrants have been issued at a price of 62 per unit, equivalent to 25 per cent of the issue price paid on subscription and allotment of each warrant, Reliance Infra said. The balance 75 per cent shall be payable by the warrantholder(s) on the exercise of the right attached to warrant(s), it added.

Reliance Infrastructure has said before that the funds would be utilised for long-term resources for general corporate purposes, to fund future growth and to reduce the company's debt.

Reliance Infrastructure is engaged in developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

Reliance Infra shares closed the day at 78.95, down 1.05 points or 1.31 per cent.

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