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India : MUMBAI: RCOM secures Rs 650-cr injection from promoter group TELECOM INFRASTRUCTURE FINANCE

August 11, 2014

Reliance Communications Ltd. (RCom) has announced that the company has obtained Rs.650 crore as first tranche from its promoters Telecom Infrastructure Finance Private Ltd.

The Navi Mumbai-headquartered RCom has secured the money from promoters through preferential allocation of 8.67-crore warrants for a consideration of Rs.1,300 crore in total. It will receive the residual amount of Rs 650 crore by the end of this fiscal year.

Filing a statement to the stock exchanges, RCom revealed, The Rs.650 crore is equivalent to 50 per cent of the issue price of the equity shares upon allotment of warrants and the balance amount of Rs.650 crore will be received on or before March 31, 2015. Promoter group is investing at Rs.150 per share.

The country s fourth largest telecom firm has further said that it will use the newly acquired funds to pare the debt of the company.

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Source: TendersInfo (India)

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