RBL Bank raises Rs 1,566 crore fund via preferential allotment
It can be noted that Indian banks are on a capital raising spree since the onset of the pandemic because they expect heavy losses due to the economic impact of lockdowns.
Reliance Infrastructure Ltd on Wednesday said its shareholders have approved raising funds upto Rs 550.56 crore through issuance of shares on a preferential basis of up to 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares of the Company to promoters and VFSI Holdings Pte. Limited, an affiliate of Varde Investment Partners, LP.
The funds raised would be utilised for long-term resources, general corporate purposes, and fund future growth, the company said in a regulatory filing.
“The shareholders of Reliance Infrastructure through postal ballot, have approved with an overwhelming majority, the raising of funds up to Rs 550.56 crore by preferential allotment,” the filing said.
Advertisement
The raising of funds by issue of foreign currency convertible bonds (FCCBs) up to 24 per cent of the company’s fully diluted equity share capital, 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.
Advertisement
