Anil Ambani's RCom gets Rs 650 cr boost from promoter group

New Delhi: Reliance Communications Ltd (R-Com) on Thursday said it has received Rs 650 crore as the first instalment from the promoter group for preferential allotment of 86.7 million warrants aggregating Rs 1,300 crore.

The remaining Rs 650 crore will be received before 31 March 2015, R-Com said in a statement.

“The company has received Rs 650 crore from Telecom Infrastructure Finance Pvt. Ltd equivalent to 50% of the issue price of the equity shares upon allotment of warrants and balance amount of Rs 650 crore will be received on or before 31 March 2015,” it said.

The proceeds of the preferential issue will be used to reduce debt, the company said.

R-Com said that following a resolution passed by shareholders in July, the committee of directors had on Thursday allotted 86.7 million warrants to Telecom Infrastructure Finance, a promoter group company.

Warrants, which entitle an equivalent number of equity shares of Rs 5 each at a price of Rs 150 per share (including a premium of Rs 145 per share) aggregate to Rs 1,300 crore.

The country’s fourth largest telecom operator has also raised Rs 4,800 crore from a share sale to institutional investors, the biggest QIP fund-raising by a private firm.

R-Com said the consolidated net worth of the company has risen to Rs.31,369 crore.

PTI