Reliance Infrastructure on Tuesday said its board has approved raising $350 million (Rs 2,930 crore) through ultra-low cost 10-year maturity unsecured foreign currency convertible bonds (FCCBs). The bonds will carry interest of 10% per annum.
FCCBs will be issued to VFSI Holdings, an affiliate of Värde Investment Partners, a global Investment firm, it said. The FCCBs will be convertible into equity at Rs 330 per share.
Recently Rosa Power, an arm of Reliance Power prepaid Rs 850 crore to Varde Partners.
The company’s board also approved the employees stock option scheme (ESOPs) for employees of the company. The ESOPs will provide a grant of up to 26 million equity shares of value of over Rs 850 crore – representing 5% of fully diluted capital.
Reliance Infrastructure last month approved a preferential issue to raise Rs 3,014 crore through the issuance of up to 125 million equity shares at a Rs 240 per share.
Further, Reliance Infra’s board also approved seeking enabling authorization from the shareholders to raise up to Rs 3,000 crore through a Qualified Institutional Placement (QIP).