Reliance Infrastructure (RInfra) today said its board has approved raising up to Rs 3,000 crore by issuance of equity shares to its existing shareholders or qualified institutional investors to bolster long-term resources.
"The board approved the company augmenting long-term resources by issue of equity shares by way of rights issue to the existing shareholders and/or through Qualified Institutions Placement, for an amount up to Rs 3,000 crore," the company said in a filing to BSE.
The board constituted a committee of directors in this behalf to decide the mode of issue, issue price, timing of issue and all other related matters.
The board noted some of the awards recently won by the company, including Rs 7,000 crore Versova-Bandra sea link project, Rs 3,647 crore Uppur thermal power project, Rs 1,585 crore Mumbai metro line 4 project and Rs 1,081 crore Kudankulam nuclear power project.
"In view of the above, the board agreed to further strengthen the company's net worth and capital adequacy and enhance the ability to avail non-funded lines of credit including bank guarantees, as per the norms of the EPC (engineering, procurement and construction) business," the filing said.
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