Reliance Infra To Raise Rs 2,930 Crore By Issuing Bonds To VFSI Holdings
The board has approved the employee stock option scheme for the entire staff of the company.
The board of Reliance Infrastructure Ltd. has approved a proposal to raise Rs 2,930 crore by issuing unsecured foreign currency convertible bonds to VFSI Holdings Pte.
The FCCBs will be unsecured and have an ultra-low cost coupon of 5% per annum with a long maturity of 10 years, according to an exchange filing on Tuesday.
The board has also approved the employee stock option scheme for the entire staff of the company. The ESOS will provide a grant of up to 2.60 crore equity shares of value over Rs 850 crore, representing 5% of fully diluted capital, the filing said.
The ESOS will unlock the employee's earning potential in alignment with the company's performance and growth.
Additionally, the board has also approved the appointment of Thomas Mathew as an additional director in the capacity of an independent director on the board of the company with immediate effect.
Earlier, on Sept. 19, the company had approved raising Rs 3,014 crore by preferential issue of shares to promoter and non-promoter entities to fund business expansion. The company had also sought shareholders' nod to raise up to Rs 3,000 crore by making a qualified institutional placement of shares.
Shares of Reliance Infra closed 1.53% down at Rs 331 apiece, compared to a 0.05% decline on the benchmark NSE Nifty 50.
It has risen 91.58% in the last 12 months and 58.25% on a year-to-date basis. The total traded volume so far in the day stood at 11.11 times its 30-day average. The relative strength index was at 78.79.
