Anil Ambani's R-Infra Gets Shareholders Nod to Raise Rs 550 Crore

Anil Ambani-led Reliance Infrastructure Ltd on Wednesday said its shareholders have approved raising funds up to Rs 550.56 crore through issuance of shares on a preferential basis.

The funds raised will be utilised for long-term resources, general corporate purposes and fund future growth, the company said in a statement.

"The shareholders of Reliance Infra have also approved with overwhelming majority the raising of funds by issue of foreign currency convertible bonds up to 24 per cent of the than fully-diluted equity share capital of the company."

The funds will be raised through preferential allotment of up to 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoters and VFSI Holdings Pte Ltd, an affiliate of Varde Investment Partners LP.

Reliance Infrastructure Ltd is one of the largest infrastructure companies, developing projects through various special purpose vehicles in several high growth sectors like power, roads and Metro rail in the infrastructure space and the defence sector.