The board of Reliance Infrastructure (R-Infra), which is led by Anil Ambani, approved a preferential issue on Thursday that aims to raise Rs 3,014 crore by issuing up to 12.56 crore equity shares at a price of Rs 240 per share.
According to the company, a preferential issuance would be made to additional investors, specifically Fortune Financial & Equities Services Private Limited and Florintree Innovation LLP, as well as to Risee Infinity Private Limited, a promoter group company. This will boost the promoters' equity position.
Additionally, the board of R-Infra approved asking the shareholders for permission to finance up to Rs 3,000 crore through a qualified institutional placement (QIP).
According to the corporation, the proceeds from the preferred offer will be used for general corporate objectives, loterm working capital requirements, and direct and/or indirect business operations expansion through investments in subsidiaries and joint ventures.
The statement went on to say that the increased capital will help the company pursue its interests in high-growth industries in order to further the government's "Make in India" and "Viksit Bharat" initiatives. The news on Thursday follows the earlier this week release of R-Infra's debt reduction details. The company announced on Wednesday that as of June, it has lowered its standalone external debt from Rs3,831 crore to Rs475 crore, a decrease of over 87.6%.
The business claimed that R-Infra's net worth will increase to Rs 12,000 crore as a result of the preferential offer.
