New Delhi: Reliance Infrastructure on Thursday said its board of directors has approved raising Rs 3,014 crore through a preferential issue of 12.56 crore equity shares.
In a regulatory filing, the company said the preferential issue will be offered to Risi Infinity Pvt Ltd, a promoter group company, and other investors, namely Florintree Innovations LLP and Fortune Financial & Equities Services Pvt Ltd.
“The preferential issue will result in an increase in the equity stake of the promoters. The preferential issue will be carried out in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable laws.
"The board has also approved seeking authorization from the competent authority from shareholders to raise up to Rs 3,000 crore by making qualified institutional placement," Reliance Infrastructure said.
According to the filing, the preferential issue proceeds will be used directly for expansion of business operations and/or through investment in subsidiaries and joint ventures, including to meet long-term working capital requirements and for general corporate purposes.
The company said the preferential issue will increase the company's net worth from Rs 9,000 crore to more than Rs 12,000 crore.
"The company has almost zero debt. The raised capital will support the company's involvement in high-growth sectors to support the government's 'Make in India' and 'Develop India' vision," it said.
In a regulatory filing, the company said the preferential issue will be offered to Risi Infinity Pvt Ltd, a promoter group company, and other investors, namely Florintree Innovations LLP and Fortune Financial & Equities Services Pvt Ltd.
“The preferential issue will result in an increase in the equity stake of the promoters. The preferential issue will be carried out in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable laws.
"The board has also approved seeking authorization from the competent authority from shareholders to raise up to Rs 3,000 crore by making qualified institutional placement," Reliance Infrastructure said.
According to the filing, the preferential issue proceeds will be used directly for expansion of business operations and/or through investment in subsidiaries and joint ventures, including to meet long-term working capital requirements and for general corporate purposes.
The company said the preferential issue will increase the company's net worth from Rs 9,000 crore to more than Rs 12,000 crore.
"The company has almost zero debt. The raised capital will support the company's involvement in high-growth sectors to support the government's 'Make in India' and 'Develop India' vision," it said.
