Reliance Infra Rs 60 billion fundraising plan approved by shareholders

23 Oct 2024 CW Team

Shareholders of Reliance Infrastructure have given the green light to the company’s plan to raise Rs 60 billion through a mix of preferential share issues and Qualified Institutional Placement (QIP). In a stock exchange filing, the company confirmed that over 98% of shareholders voted in favour of the resolutions via postal ballot.

Reliance Infrastructure’s board had approved the fundraising plan on September 19, 2024. The company aims to raise Rs 30.14 billion through a preferential allotment of shares or convertible warrants, with the remaining Rs 30 billion to be secured via QIP.

In the initial phase, the company will issue 125.6 million equity shares or convertible warrants at Rs 240 per share to raise Rs 30.14 billion. Promoters, through Risee Infinity Private Ltd., will invest Rs 11.04 billion by subscribing to 46 million shares.

Other investors in the preferential issue include Mumbai-based Fortune Financial & Equities Services and Florintree Innovations LLP, owned by former Blackstone executive Mathew Cyriac. Fortune Financial will invest Rs 10.58 billion for 44.1 million shares, while Florintree will contribute Rs 8.52 billion for 35.5 million shares.

The preferential issue will boost Reliance Infra’s net worth from Rs 90 billion to Rs 120 billion and significantly reduce its debt. The proceeds will be used to expand business operations, invest in subsidiaries and joint ventures, and meet long-term working capital needs and general corporate expenses. (ET)

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