Reliance Infrastructure today said its board has approved raising up to Rs 2,000 crore by issuing equity to qualified institutional buyers (QIBs).
It plans to utilise the funds to reduce debt and capitalise on business opportunities in the defence sector.
"The Board of Directors of Reliance Infrastructure Ltd at its meeting held on March 16, 2017 has approved raising of funds by issue of securities (equity share and/or other securities convertible into equity shares) through Qualified Institutions Placement (QIP) to Qualified Institutional Buyers for an aggregate sum not exceeding Rs 2,000 crore," the company said in a BSE filing.
The raising of funds will be subject to approval of the shareholders of the company, it said.
"The funds raised from the proposed QIP would be utilised for capitalising on business opportunities in the defence sector, for reduction of debt and for general corporate purposes," the company said.
The Board of Directors has also approved the postal ballot notice seeking approval of the Shareholders of the Company for the QIP.
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