Reliance Infrastructure Limited has successfully secured shareholder approval for its ambitious financial restructuring plan through postal ballot voting concluded on December 18, 2025. The company's members have approved both special resolutions that were put forth to strengthen the company's financial position and support future growth initiatives.

Approved $600 Million FCCB Issuance

Shareholders have given their approval for the issuance of Foreign Currency Convertible Bonds (FCCBs) and other securities up to $600.00 million. This strategic move is designed to augment long-term resources, enhance the company's net worth, and ensure long-term viability for growth and expansion.

The approved FCCB issuance will serve multiple purposes:

• Meet long-term working capital requirements
• Support capital needs of RInfra and its affiliates/subsidiaries
• Fund general corporate purposes
• Finance potential ventures in energy businesses and the defense sector

Enhanced Borrowing Powers Approved

In the second resolution, shareholders have also approved the enhancement of the company's borrowing capacity. The Board of Directors now has authorization to borrow funds up to five times the company's paid-up share capital, free reserves, and securities premium, providing greater financial flexibility for future growth initiatives.

Postal Ballot Results

The voting results demonstrate strong shareholder confidence in the company's strategic direction:

Voting Process Details

The postal ballot process was conducted with complete transparency and regulatory compliance:

Strategic Implications

With shareholder approval secured, Reliance Infrastructure is now positioned to:

1. Strengthen its presence across the energy business value chain
2. Expand its footprint in the defense sector, including manufacturing
3. Participate in opportunities under the 'Make in India' and 'Viksit Bharat' initiatives

The overwhelming approval rates, particularly the 97.94% support for the FCCB issuance, reflect strong investor confidence in the company's growth strategy and financial planning. This approval provides RInfra with the necessary tools to pursue its expansion plans and capitalize on emerging opportunities in the infrastructure and defense sectors.

Reliance Infrastructure is facing intensified regulatory scrutiny as the Enforcement Directorate (ED) has frozen 13 bank accounts of the company. This action is part of an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA), with the agency having previously placed a lien worth ₹77.86 crore on the company's accounts.

Enforcement Action Escalates

The freezing of multiple bank accounts represents a significant escalation in the ED's enforcement action against the infrastructure company. The agency's decision to freeze 13 separate accounts indicates the comprehensive nature of the investigation and suggests potential widespread concerns regarding the company's foreign exchange compliance.

FEMA Compliance Investigation

The enforcement action relates to alleged contraventions of FEMA regulations, which govern foreign exchange transactions and cross-border investments in India. The freezing of bank accounts is a more restrictive measure than a lien, as it completely prevents the company from accessing funds in the affected accounts during the investigation period.

Operational Impact

The freezing of 13 bank accounts could significantly impact Reliance Infrastructure's operational capabilities and financial flexibility. Unlike a lien which restricts specific amounts, frozen accounts prevent any transactions, potentially affecting the company's ability to conduct routine business operations, pay suppliers, or meet financial obligations.

The development underscores the serious nature of the alleged FEMA violations and highlights the regulatory challenges facing the infrastructure company as it navigates this enforcement action.