Reliance Infra's shareholders approve fundraise of Rs 6,000 crore

The company's board of directors had approved the fundraise on September 19

Anil Ambani-promoted Reliance Infrastructure Limited secured shareholders' approval to raise funds of up to Rs 6,014.40 crore, the company informed through a stock filing on Sunday, October 20. About 98.3 per cent of votes were cast in favour of the fundraiser.

Of the approved fundraise, Rs 3,014.40 crore will be raised through a preferential allotment of equity shares or warrants convertible into equity shares. A total of 12.56 crore equity shares or warrants convertible into an equivalent number of equity shares will be issued at a price of Rs 240 per share or warrant.

Further, the preferential issue will be made to the promoter company Risee Infinity Private Limited, which will invest Rs 1,104 crore by subscribing to 46 million shares.

The two other investors participating in the preferential issue are Mumbai-based Fortune Financial & Equities Services and Florintree Innovations LLP.

Fortune Financial & Equities Services will invest Rs 1,058 crore by subscribing to 44.1 million equity shares, while Florintree Innovations will invest Rs 852 crore and will be allotted 35.5 million shares.

The remaining Rs 3,000 crore will be raised through a qualified institutional placement (QIP).

Earlier, in September 2024, the company pared its standalone external debt by about 88 per cent to Rs 475 crore.

Later, on October 1, the company’s board of directors approved raising funds of up to Rs 2,930 crore ($350 million) through Foreign Currency Convertible Bonds (FCCBs). The company had said that it will be issuing FCCBs to VFSI Holdings Private Limited, an affiliate of Värde Investment Partners, LP, a global alternative investment firm. Up to 350 FCCBs of $1 million each were proposed to be issued, which would remain unlisted.