Reliance Infrastructure Ltd on Wednesday said its shareholders have approved raising funds up to Rs 550.56 crore through issuance of shares on a preferential basis.
The funds raised would be utilised for long-term resources, for general corporate purposes and to fund future growth, the company said in a regulatory filing.
"The shareholders of Reliance Infrastructure… through postal ballot, have approved with overwhelming majority, the raising of funds up to Rs 550.56 crore by preferential allotment," the filing said.
The funds will be raised through preferential allotment of up to 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoters and VFSI Holdings Pte Ltd, an affiliate of Värde Investment Partners, LP, the filing added.
The shareholders of Reliance Infrastructure have also approved with overwhelming majority, the raising of funds by issue of foreign currency convertible bonds (FCCBs) up to 24 per cent of the fully diluted equity share capital of the company, the filing said.
Reliance Infrastructure is one of the largest infrastructure companies, 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.