Tuesday , October 26 2021

Reliance Infra will raise 737 ₹ through bonds convertible into foreign currency



[ad_1]

Reliance Infrastructure has secured the approval of its board to raise $ 100 million through unsecured foreign currency (FCCB) convertible bonds, the company said on the stock exchanges on Saturday. The company also appointed Sandeep Khosla as the new Chief Financial Officer (CFO), after Pinkesh Shah resigned.

“The company’s Board of Directors has authorized the issuance of up to $ 100 million in non-convertible foreign currency convertible bonds maturing in 2031 at a coupon rate of 4.5 percent based on the coll. The FCCBs will be convertible into equity shares of 10 each of the companies in accordance with the terms of the FCCB, at a price of 111 (including a premium of 101) per action, ”Reliance Infrastructure said in its presentation.

The company led by Anil Ambani said it would issue 100 FCCB of $ 1 million each, totaling $ 100 million each. In rupee terms, each FCCB will be equivalent to 7.37 million euros at a conversion rate of $ 1 equal to 73.70, putting the value of the whole number in 737 million. In addition, it was added that these FCCBs will not be on the list.

FCCBs can be converted into approximately 6,63,96,396 equity shares 10 each of the companies at the conversion price of 111 per share, including a premium of 101. This conversion price is 19.70% more than the minimum price prescribed by law on the corresponding date.

FCCBs will be assigned within 30 days of the closing date of the issue and will have a period of 10 years and 1 day from the date of assignment. They will carry a coupon of 4.50% per year.

At today’s board meeting, the company also finalized the appointment of Sandeep Khosla as CFO. The change of position came after Pinkesh Shah left office on accepting the assignment of President – Bangladesh Project to Reliance Power Limited.

Shah’s cessation will take effect on September 30, 2021 and Khosla will take over on October 1, 2021.

Khosla is an accountant with more than 20 years of experience in the field of accounting and finance, financial strategy, financial control, budgeting and analysis, treasury and banking, tax planning, cost control, debt restructuring, internal financial controls , etc.

He has been associated with the group since February 2018. He currently serves as Chief Financial Officer of Reliance Power Limited. Prior to that, he was Chief Financial Officer of Reliance Commercial Finance Limited.

Prior to that, Khosla has accumulated more than 17 years of experience in the financial sector during his tenure with various organizations such as Blue Star Limited, Bajaj Finance Limited, Citicorp Services (India) Limited and Tata Capital Limited.

Subscribe to Mint Newsletters

* Please enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now !!

[ad_2]
Source link