Reliance Infra to raise Rs 2,390 crore via FCCB issue

Mumbai: Reliance Infrastructure on Tuesday said its board has approved a proposal to raise ₹2,930 crore by issuing unsecured foreign currency convertible bonds (FCCBs) to VFSI Holdings.

In a regulatory filing, the company said FCCBs will be unsecured and will have ultra-low cost interest of 5% per annum with a long maturity of 10 years.

"The Board of Directors of Reliance Infrastructure Limited (Reliance Infrastructure) at its meeting held today has approved raising of funds up to $350 million (₹2,930 crore) to VFSI Holdings Pte Limited, an affiliate of Varde Investment Partners, LP, a leading global alternative investment firm," it added.


Reliance Infrastructure board also approved the Employees Stock Option Scheme (ESOS) for all employees of the company.

"ESOS to provide a grant of up to 2.60 crore equity shares of value of over ₹850 crore - representing 5% of fully diluted capital," it said, adding that ESOS will unlock the employee earning potential in alignment with the company's performance and growth.