Reliance Infra meet to consider fundraising, aims to become zero-debt co by next March

Infusion of fresh liquidity will enhance the company's financial flexibility and enable it to become a zero-debt company by March next year, Reliance Infrastructure said.

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New Delhi: Reliance Infrastructure (RInfra) had on Wednesday informed via a regulatory filing that the company’s Board of Directors will meet on Sunday to consider raising funds through various means like issuing equity shares, rights issue and qualified institutional placement.

Infusion of fresh liquidity will enhance the company's financial flexibility and enable it to become a zero-debt company by March next year, it added.

“…We wish to inform you that a meeting of the Board of Directors of the Company will be- held on Sunday, June 6, 2021, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/ or qualified institutional placement and/or rights issue or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate,” Reliance Infrastructure Limited said in a regulatory filing on June 2.

“Further, please note that in accordance with the Company's Code of Practices and Procedures and Code of Conduct to Regulate, Monitor and Report Trading In Securities and Fair Disclosure of Unpublished Price Sensitive Information (the “Code’) read with ‘the Securities and Exchange Board Of India (Prohibition Of Insider Trading) . Regulations, 2015, the Trading Window for trading in the securities of the Company for Designated Persons shall remain closed from the close of business hours of Wednesday, June 2, 2021, till 48 hours after the outcome of the Board Meeting are made public in terms of the SEBI | (Listing Obligations and Disclosure Requirements) — Regulations, 2015,” the company further added.

Reliance Infrastructure, led by Anil Ambani, already has an EPC order book of over Rs 25,000 crore, power distribution business in Delhi serving 45 lakh customer and defence manufacturing business. RInfra has a stellar track record of over 20 years in execution of projects aggregating over Rs 200,000 crore.