Anil Ambani’s Reliance Infrastructure Ltd (RInfra) on Sunday said that its board has approved raising a sum of ₹550.56 crore by preferential allotment of up to 88.8 million shares and/or warrants convertible into shares of the company to promoter group and VFSI Holdings Pte. Ltd, an affiliate of Värde Investment Partners LP.
The funds raised would be utilized for long-term resources, for general corporate purposes, and to fund growth as well as to reduce debt, the company said in a statement.
The shares and/or warrants will be issued at a price of ₹62 apiece based on Sebi (Securities and Exchange Board of India) regulations, the company added.
