R-Infra to consider raising long-term capital in board meeting on October 1 | Company News
Anil Ambani’s Reliance Infrastructure Limited (R-Infra) will consider raising long-term capital from domestic or global markets, as per the company’s stock exchange filing.
The company has scheduled a board meeting to discuss and approve the same on Tuesday, October 1.
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The funds may be raised through the issuance of equity shares, equity-linked securities, or warrants convertible into equity shares, by way of preferential issue, qualified institutional placement, rights issue, foreign currency convertible bonds, or any other method.
The issue price will be determined in the meeting, subject to the members’ and other approvals, as the board may deem appropriate, the company stated.
Earlier, on September 19, the company’s board had approved a fund-raise plan of more than Rs 6,000 crore, of which Rs 3,014 crore were to be raised through a preferential allotment of equity shares and Rs 3,000 crore through a qualified institutional placement (QIP).
The company had said that the preferential issue proceeds were to be utilised for the expansion of business operations directly and/or through investment in subsidiaries and joint ventures, including meeting long-term working capital requirements and for general corporate purposes.
Earlier in September, the company announced a reduction of its standalone external debt by 87.6 per cent to Rs 475 crore, down from Rs 3,831 crore as of June.
First Published: Sep 27 2024 | 12:26 AM IST
