Reliance Power Cleans Its Slate: Anil Ambani Owned Reliance Infra Looks To Raise Rs. 3,000 Crore For New Ventures
Anil Ambani-led Reliance Infrastructure on Thursday said that its board of directors approved the raising of Rs 3,014 crore through the preferential issue of up to 12.56 crore equity shares.
The filing by the company stated that the proceeds from the preferential issue will be used for the expansion of business operations directly and/or through investment in subsidiaries and joint ventures, including the long-term working capital requirements and general corporate purposes.
According to a regulatory filing, the company of Anil Ambani said the preferential issue shall be issued to Risee Infinity Pvt Ltd, a promoter group company, and to other investors, namely Florintree Innovation LLP and Fortune Financial & Equities Services Pvt Ltd. The preferential issue will effectively increase the equity holding of promoters. The issue will be made under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable laws".
Mathew Cyriac And Nimish Shahan Invest Rs 1,200 crore For Minority Stake
The preferential issue will attract Mathew Cyriac, ex-Blackstone executive through Florintree Innovation and equity investor Nimish Shahan, through Fortune Financial & Equities Services. Together, they will invest Rs 1,200 crore for a minority stake in Reliance Infra, reported Times Of India.
As per the regulatory filing, it said that the preferential issue should be made to Risee Infinity Pvt Ltd, a promoter group company and to other investors, namely Florintree Innovation LLP and Fortune Financial & Equities Services Pvt Ltd.
Reliance Infrastructure said, "The board also approved obtaining authorization from shareholders for raising as much as Rs 3,000 crore through qualified institutional placement."
