On Sunday, Anil Ambani's Reliance Infrastructure Ltd said that its board members have approved raising a sum of Rs 550.56 crore by preferential allotment of around 88.8 million shares and warrants into shares of the company to the promoter VFSI Holdings Pvt Ltd, an affiliate of Varde Investment Partners LP. The shares and warrants will be issued at Rs 62 per unit based on the Securities and Exchange Board of India (SEBI) regulations, the company said. On Friday, shares of Reliance Infrastructure closed at Rs 69.85 apiece on the BSE. The company is involved with developing projects through special purpose vehicles (SPVs) in many high growth sectors like power, roads and metro in the infrastructure space and defence sector. It is a provider of engineering and construction (E&C) services for developing power, infrastructure, road and metro projects. Through SPVs, it has also executed a portfolio of infrastructure projects like Mumbai's metro railroad project on build, own, operate, and transfer (BOOT) basis; nine road projects on a build, operate and transfer (BOT) basis. Reliance Infrastructure has made a presence in Delhi's power distribution business. The company said that the promoters will invest Rs 400 crore as a part of this investment, and Varde Investment Partners will invest Rs 150 crore. Following the investment, the public investors will own 70% of the company, promoters will hold 23% of the company, while Varde with 7%. It has been looking to monetize the company's assets to reduce its debt. It closed the sale of its Delhi-Agra toll road project in January to private equity investor I Squared Capital's Indian roads platform Cube Highways for an enterprise value of Rs 3,600 crore. Image Source Also read: Nuvoco Vistas Corp files DRHP for Rs 5,000 cr IPO Also read: DLF rental arm raises Rs 2,500 cr in two LRDs