PE Fund Investments
Reliance Infra to raise Rs.3,014-Cr from Florintree, others through pref shares
Anil Ambani-promoted, Mumbai-headquartered Reliance Infrastructure (R-Infra) has approved a preferential issue to raise INR 3,014 crore through the issuance of 12.56 crore equity shares at INR 240 per share. The issue will 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. The preferential issue is expected to enhance R-Infra's net worth to INR 12,000 crore.The preferential issue proceeds would be used to expand business operations directly and/or through investment in subsidiaries and joint ventures, including meeting long-term working capital requirements.R-Infra will also raise INR 3,000 crore through a Qualified Institutional Placement (QIP).R-Infra claims to have reduced its standalone external debt by almost 87.6 % to INR 475 crore, down from INR 3,831 crore as of June.
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