Reliance Infrastructure Limited on Thursday said its board has approved raising of Rs 2,000 crore funds by issue of securities through qualified institutions placement for capitalising opportunities in defence business, reducing debt and corporate purposes.
The Board of Directors in a meeting on March 16 approved raising of funds by issue of securities (equity shares and/or other securities convertible into equity shares) "through qualified institutions placement (QIP) to qualified institutional buyers for an aggregate sum not exceeding Rs 2,000 crore", the company said in a regulatory filing to BSE.
The company said the funds raised from the proposed QIP would be utilised for capitalising on "business opportunities in the defence sector", "reduction of debt" and "general corporate purposes".
The company will seek approval from its shareholders for the QIP.
--IANS
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