Reliance Infra raises Rs 550.56 cr via preferential allotment of securities

Reliance Infrastructure Ltd on Monday said it has raised Rs 550.56 crore through issuance of securities on preferential basis.

Post allotment, the holding of the promoter group in Reliance Infra would increase to 22.06 per cent upon full conversion of warrants, the company said in a statement.

"Consequent to approval from members, through postal ballot, Reliance Infrastructure Ltd (Reliance Infra) has today allotted 8.88 crore warrants convertible into equivalent number of equity shares of the company to Risee Infinity Private Ltd, a promoter group company and VFSI Holdings Pte Limited, an affiliate of Varde Investment Partners, LP," the statement said.

Reliance Infrastructure had earlier said the funds would be utilised for long-term resources for general corporate purposes, to fund future growth and also to reduce debt.

Reliance Infrastructure is developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.