Reliance Power shareholders approve preferential offer to RInfra with overwhelming majority
The issue of shares and warrants to Reliance Infrastructure (RInfra) aims to reduce Reliance Power's standalone debt by Rs 1,325 crore.
Reliance Infrastructure Limited (RInfra) on Friday announced completion of sale of its Delhi-Agra (DA) toll road to Cube Highways and Infrastructure III Pte Ltd for Rs 3,600 crore.
In a regulatory filing, Reliance Infrastructure Ltd said it has successfully completed “ the sale of its 100 per cent stake in DA Toll road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value of Rs.3600 crore.”
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It further said that the “deal was announced in March 2019 with the signing of definitive binding agreement between our RInfra and Cube Highways and Infrastructure III Pte Ltd and has now been completed with the transfer of shares of the DA Toll Road Pvt Ltd and receipt of sale consideration.”
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Reliance Infra said the entire sale proceeds are being utilised for debt reduction. It has reduced its total debt liabilities by 20 per cent from the deal proceeds from Rs 17,500 crore to Rs 14,000 crore.
Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, 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 a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects.
RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis.
Post the announcement, shares of RInfra were trading at Rs 27.70, up by 3.17 per cent on the BSE. Earlier it had touched day’s high of Rs 28.15 apiece.
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