Reliance Infra board OKs raising upto $500 mln via FCCBs

The infrastructure company is planning an international offering through private placement basis or any other mode or manner as may be decided by the board.

The board of Reliance Infrastructure (RInfra) on Friday (3 June 2022) approved raising additional long term resources of upto $500 million through foreign currency convertible bonds (FCCBs) and/or other similar securities, as may be permitted under applicable laws.

The board will seek shareholders' approval on 6 July 2021 for partial modification of the resolution passed, the company said in a statement.

RInfra is an infrastructure company, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads, metro rail and airport in the infrastructure space and in the defence sector.

On a consolidated basis, Reliance Infrastructure reported net loss of Rs 449.13 crore in Q4 March 2022 as against net profit of Rs 1611.02 crore in Q4 March 2021. Net sales declined 0.46% to Rs 4159.84 crore in Q4 March 2022 over Q4 March 2021.

Shares of RInfra fell 2.65% to Rs 106.40 on Friday, 3 June 2022.

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