Reliance Infrastructure said its board will meet next week to consider raising long-term funds by issuing equity shares by way of rights issue and QIP, reported PTI. "...A meeting of the Board of Directors of the Company will be held on Monday, May 14, 2018, inter alia, to consider augmenting long term resources by issue of equity shares by way of Rights Issue and/or Qualified Institutions Placement," the company said in a BSE filing. Besides, the company will focus and participate in renewed opportunities in EPC business.
"The company intends to focus and participate in renewed opportunities in high growth EPC (engineering, procurement and construction) business. Accordingly, the company needs to strengthen its net worth and capital adequacy and enhance the ability to avail non-funded lines of credit including bank guarantees, as per the norms of EPC business," the company said.
Reliance Infrastructure Ltd (RInfra) is a leading infrastructure company developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector. RInfra is also having presence across the value chain of power businesses -- generation, transmission and distribution.