New Delhi, Jun 6 (IANS): The Board of Directors of Reliance Infrastructure Ltd (RInfra) at its meeting held on Sunday has approved raising of funds upto Rs 550.56 crore by preferential allotment of upto 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoter group and VFSI Holdings Pte Ltd, an affiliate of Värde Investment Partners LP.

The funds raised would be utilised for long term resources, for general corporate purposes, fund future growth, and also to reduce debt.

The Board approved seeking approval of the members of the company for the above proposal through postal ballot.

The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.

Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and Metro Rail in the dnfrastructure space and the defence sector.

RInfra is a major player in providing engineering and construction (E&C) services for developing power, infrastructure, metro and road projects. RInfra, through its SPVs, has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis, and nine road projects on build, operate and transfer (BOT) basis.

RInfra is also a leading utility company having presence in power distribution business in Delhi.