Srei gets nod for Rs 250 cr warrants issue

Srei Infrastructure Finance, the Kolkata-based infrastructure finance company, will raise Rs 250 crore through by issuing 2.5 crore warrants.

At an extraordinary general meeting (EGM) today, shareholders approved the issue of warrants, convertible into equity shares in one or more tranches at a price of Rs 100 a share, to the promoters by way of preferential allotment.

"The exercise is meant to raise Rs 250 crore which will cater to the long-term business requirements. It will also raise the promoters' holding from 20 per cent to around 35 per cent", Hemant Kanoria, vice-chairman and managing director, told Business Standard.

Srei Infrastructure, which has $890 million-plus assets, offers a host of other financial services such as distribution of insurance products, investment banking, capital market services, venture capital, foreign exchange services and retail financing services through its subsidiaries.

Srei has also introduced the concept of renting of construction equipment in India through its subsidiary- Quipo Infrastructure Equipment.