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The preferential issue will be made to Risee Infinity, a promoter group company, and to other investors namely Florintree Innovation LLP and Fortune Financial & Equities Services.
The issue will likely result in enhancing the promoters equity stake.
The Board also further approved seeking authorisation from the shareholders to raise up to Rs 3,000 crore by making a Qualified Institutional Placement (QIP).
The preferential issue proceeds would be utilised for expansion of business operations directly or through investment in subsidiaries and joint ventures including meeting the long-term working capital requirements and for other general corporate purposes.
The said issue will likely enhance the company’s net worth from over Rs 9,000 crore to over Rs 12,000 crore.”The enhanced capital will support the company’s participation in high growth sectors to aid the Government’s vision of ‘Make In India’ and Viksit Bharat,” according to an official statement.Reliance Infrastructure is engaged in the business of providing EPC services, power distribution in Delhi. The company is also engaged in implementation, operation and maintenance of several projects in defence sector and infrastructural areas like Metro, Toll Roads and Airports through its special purpose vehicles.
It has executed the state of the art Mumbai Metro line one project on build, own, operate and transfer basis.
On Thursday, Reliance Infrastructure shares closed flat at Rs 282.8 on NSE.
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https://economictimes.indiatimes.com/markets/stocks/news/reliance-infrastructure-seeks-shareholders-nod-to-raise-rs-3000-crore-via-qip/articleshow/113498468.cms
