The Board of Directors of Reliance Infrastructure Ltd. on Tuesday approved a proposal to raise up to $350 million (₹2,930 crore) by issuing unsecured foreign currency convertible Bonds (FCCBs) to VFSI Holdings Pte. Ltd. The FCCBs will be convertible into equity shares at ₹330 per share. The company said in a regulatory filing that the FCCBs will be unsecured and will have an ultra-low cost coupon of 5% annum with a long maturity of 10 years.

The fund-raising approval is in addition to the ₹3,000 crore fund raise announced on September 19, 2024 through preferential issue. The board also approved an employees stock option scheme (ESOS) for all employees of the company and its subsidiaries. The ESOS provides for grant of up to 2,60,00,000 fully paid-up equity shares of ₹10 each, representing approximately 5% of the company’s fully diluted capital.

“The ESOS will unlock the employee earning potential, in alignment to the company’s performance and growth,” the company said in the filing.