Reliance Infrastructure Limited (BSE:500390) said that its board has approved raising a sum of INR 5.5 billion by preferential allotment of up to 88.8 million shares and/or warrants convertible into shares of the company to promoter group and VFSI Holdings Pte. Ltd, an affiliate of Varde Investment Partners LP. The funds raised would be utilized for long-term resources, for general corporate purposes, and to fund growth as well as to reduce debt, the company said in a statement.