SREI Infrastructure Finance share price locked in 5 percent lower circuit on July 2 after the company announced fund raising plans.
SREI Infrastructure Finance and its wholly-owned subsidiary SREI Equipment Finance have announced plans to raise significant capital in both companies, as per the press release.
Srei Infrastructure has announced its plan to raise capital by way of issuing one or more instruments through a public offer/ qualified institutional placement (QIP)/ private placement/ preferential issue or rights issue.
The company’s board of directors in a meeting held on July 1 has decided to raise up to Rs 2,500 crore.
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Meanwhile, Srei Equipment Finance has received a term sheet from Singapore’s Makara Capital Partners for an investment of Rs 2,200 crore by way of capital. It has also received a term sheet from United States-based Arena Investors LP for an investment of Rs 2,000 crore, Company added.
The company’s Strategic Coordination Committee (SCC) is currently evaluating the proposal and taking the necessary steps.
The company has received Expression of Interest (EOI) from several other global private investment firms, including Cerberus Global Investments, Charlestown Capital Advisors, CarVal Investors LP, Varde Partners Asia, and Maystone Capital.
SREI Infrastructure Finance has posted consolidated net loss at Rs 3,555.19 crore in the quarter ended March 2021 against loss of Rs 69.29 crore in a year ago period.
Its revenue was at Rs 567.49 crore versus Rs 1,702.23 crore, YoY.
There were pending sell orders of 456,870 shares, with no buyers available.
At 09:18 hrs SREI Infrastructure Finance was quoting at Rs 12.86, down Rs 0.67, or 4.95 percent.
The share touched a 52-week high of Rs 18.39 and a 52-week low of Rs 5.01 on 23 June, 2021 and 31 March, 2021, respectively.
Currently, it is trading 30.07 percent below its 52-week high and 156.69 percent above its 52-week low.
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