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Anil Ambani-led Reliance Infrastructure has received its board of directors’ approval to raise ₹3,000 crore, either through a rights issue or a QIP issue.
The company has been trying to strengthen its net worth and capital adequacy ratio and enhance its ability to avail non-funded lines of credit without relying on bank loans. The company’s board had constituted a Committee of Directors to decide the mode of issue, issue price, timing of issue and all other related matters, RInfra said in a statement. The decision comes at a time when the infrastructure sector is facing challenges in getting new funding.
RInfra’s board said the firm is now focusing on “asset light” EPC business that does not require fresh equity and is intending to substantially increase its EPC order book.
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