Reliance Infrastructure Ltd announced on Monday that it has generated Rs 550.56 crore through the issue of preferential securities. Following the allotment, the promoter group's share in Reliance Infra will climb to 22.06 percent upon full conversion of warrants, according to the business.
"Consequent to approval from members, through postal ballot, Reliance Infrastructure Ltd (Reliance Infra) has today allotted 8.88 crore warrants convertible into equivalent number of equity shares of the company to Risee Infinity Private Ltd, a promoter group company and VFSI Holdings Pte Limited, an affiliate of Varde Investment Partners, LP," the statement said.
Reliance Infrastructure had earlier said the funds would be utilized for long-term resources for general corporate purposes, to fund future growth and also to reduce debt.
Reliance Infrastructure is 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 defense sector.