RInfra Latest News: Overwhelming majority! Rs 550 cr! Shareholders support fund raising plan of Reliance Infrastructure

The shareholders of Reliance Infrastructure through postal ballot, have approved with overwhelming majority, the raising of funds up to Rs. 550.56 cr  by preferential allotment to promoters and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP. 

Reliance Infra will make preferential allotment up to 8.88 cr equity shares and / or warrants convertible into equivalent number of equity shares.  

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As per company 97% of the votes were in favor of the proposal. 

Reliance Infra board had approved the fund raising plans and preferential allotment on June 6, 2021. As per then exchange filing company will issue shares at Rs 62/shares as per SEBI(ICDR) Regulation.  

The shareholders of Reliance Infra have also approved with overwhelming majority, the raising of funds by issue of Foreign Currency Convertible Bonds (FCCB) up to 24% of the than fully diluted equity share capital of the Company.

 The funds raised would be utilised for long term resources, for general corporate purposes and to fund future growth. As per the exchange filing over 95% votes were casted in favor of this proposal.  

Company had appointed  Anil lohia, Partner, Mis. Dayal & lohia, Chartered Accountants, as the Scrutinizer. 

Since announcement of the fund raising plan and infusion by promoters the stock has seen good movement, on June 7 Reliance Infra stocks were trading around Rs 73/share level are now currently at Rs 81/share level, in between stock touched level of Rs 100/share on June 16.