Reliance Infra board approves raising Rs 737 crore as foreign currency convertible bond

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September 26, 2021 5:00 AM

The unlisted bonds will be convertible into equity shares of Rs 10 each at a conversion price of Rs 111 per equity share, a premium of Rs 101, and 19.70% more than the floor price.

reliance infrastructureThe bonds will have a coupon rate of 4.5% and will mature in 2031.

Reliance Infrastructure’s (RInfra) board of directors has approved raising Rs 737 crore as foreign currency convertible bond (FCCB) on private placement basis.

The bonds will have a coupon rate of 4.5% and will mature in 2031.

The unlisted bonds will be convertible into equity shares of Rs 10 each at a conversion price of Rs 111 per equity share, a premium of Rs 101, and 19.70% more than the floor price.

The FCCBs will be allotted within 30 days from the issue closing date, the company said in a filing on the Bombay Stock Exchange.

The board has also approved the appointment of Sandeep Khosla as the chief financial officer of the company after Pinkesh Shah, the incumbent CFO, took charge as president of Bangladesh project in Reliance Power.

Earlier in July the company raised Rs 550 crore through issuance of securities on preferential basis. RInfra is a developer of several projects through various special purpose vehicles (SPVs) in high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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