Recently, The Board of Directors of Reliance Infrastructure permitted the raising of funds up to INR 550.56 crores from its advertiser, the Anil Ambani group, and from Varde Investment.

The company, states, “It will make a preferential allotment of up to 88.8 million equity shares and/or warrants convertible into an equivalent number of shares, to promoter group and VFSI Holdings an affiliate of Värde Investment Partners, LP. The funds raised would be utilized for long-term resources, for general corporate purposes, fund future growth and also to reduce the debt of the company.”

The Board accepted in quest of approval of shareholders during a postal ballot in a meeting held. The fundraising will be subject to all requisite permissions, sanctions, and approvals as may be necessary.

Reliance Infrastructure is one of the largest infrastructure companies, rising projects throughout diverse Special Purpose Vehicles (SPVs) in numerous high growth sectors such as Power, Roads, and Metro Rail in the infrastructure space and the defense sector.

Post issue, advertiser stake will rise to 23 percent while Varde will own 7 percent. The outstanding venture will be held by the public and by the institutions.