Reliance Infrastructure Secures Overwhelming Approval for Rs 6,000 Crore Fundraise

Reliance Infrastructure's shareholders approved a Rs 6,000 crore fundraise, primarily through preferential shares and qualified institutional placement. Promoters and key investors like Fortune Financial and Florintree Innovations will invest significantly. The initiative aims to strengthen the company’s net worth and support business expansion.

Shareholders of Reliance Infrastructure have overwhelmingly approved the company's plan to raise Rs 6,000 crore through a preferential issue of shares and the qualified institutional placement (QIP) route. This decision came after more than 98 percent voted in favor of the resolutions via a postal ballot, as disclosed by the company in a stock exchange filing.

The board of Reliance Infrastructure had sanctioned the Rs 6,000-crore initiative on September 19th. Within this, Rs 3,014 crore is set to be secured via preferential allotment of shares or convertible warrants, while Rs 3,000 crore will be sourced through QIP.

In the initial phase, the company is set to launch the Rs 3,014 crore preferential placement by releasing 12.56 crore equity shares or convertible warrants at Rs 240 per share. Prominent stakeholders including promoter company Risee Infinity Private Ltd, along with investors Fortune Financial & Equities Services and Florintree Innovations LLP, will contribute to this significant capital infusion.

(With inputs from agencies.)