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Thursday, April 13, 2017

Reliance Infra to raise upto $306 million

Reliance Infrastructure Ltd said it will raise $306 million (Rs 2000 crore) through a private placement of shares to institutional investors.

Also read: Job Cut: RCom layoff 380 employees may sack another 260 people

The company will use the funds to be raised via the qualified institutional placement (QIP) to capitalise on business opportunities in the defence sector, reduce debt and for general corporate purposes. A QIP is a capital-raising tool through which listed companies can issue fresh equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into equity shares only to institutional investors.

Reliance Infrastructure had total debt of Rs 14,444.28 crore as of March 2016.

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