The Board of Directors of Reliance Infrastructure Ltd has approved the raising of up to $350 million from VFSI Holdings Pte. Ltd, an affiliate of Värde Investment Partners LP, a leading global alternative investment firm. This is in addition to the ₹3,000 crore fund raise announced on 19 September through a preferential issue.
The FCCBs will be unsecured and will have ultra-low cost coupon of 5 per cent p.a. with a long maturity of 10 years. The FCCBs will be convertible into equity shares at ₹330 per share.
The Board of Directors also approved an employee stock option scheme (ESOS) for all employees of the company and its subsidiaries.
ESOS provides for grants of up to 2,60,00,000 fully paid-up equity shares of ₹10 each, representing approximately 5 per cent of the company’s fully diluted capital.