The Board of Reliance Infrastructure Ltd., on Thursday, approved raising of ₹3,014 crore by preferential issue of up to 12.56 crore equity shares and /or warrants convertible into equivalent number of equity shares of the company for cash, at a price of ₹240 per Share/warrant.

The preferential issue will be made to Risee Infinity Private Ltd., a promoter group company, and to other investors namely Florintree Innovation LLP and Fortune Financial & Equities Services Private Ltd., the company said in a filing with exchanges.

The preferential issue will result in enhancing the Promoters equity stake, it added  The Preferential Issue proceeds would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures including meeting the long-term working capital requirements and for general corporate purposes. This issue will enhance the company’s net worth from over ₹9,000 crore to over ₹12,000 crore. 

The Board also approved seeking enabling authorisation from the shareholders to raise up to ₹3,000 crore by making a Qualified Institutional Placement (QIP). Besides it approved issuance of postal ballot to seek shareholders’ approval for the preferential Issue and QIP.