RCom gets Rs 650 crore from promoters; to get Rs 650 crore more by March 31

NEW DELHI: Anil Ambani-headed Reliance Communications Thursday said it has received Rs650 crore as the first installment of funds infused by its promoters against a preferential allotment of 8.67 crore warrants at Rs 150 a unit.

The “balance amount of Rs 650 crore will be received on or before March 31, 2015,” India’s fourth largest mobile phone operator said in a notice to stock exchanges.

The company had separately raised Rs 4,808 crore by selling over 338 million shares at Rs 142.14 each to institutions. The Rs6,108 crore raised in total is helping the mobile phone operator reduce its debt to around Rs 34,000 crore.

Shares in RCom were flat at Rs 130.05 on the Bombay Stock Exchange at mid-day on Thursday, while the benchmark index was trading 0.3 per cent lower.

RCom had begun the share sale to institutions late on June 24 and closed it early next day after receiving bids worth over Rs 12,000 crore from mainly long-term US funds. It had simultaneously decided to issue the 8.67 crore warrants, which entitle an equivalent number of equity shares, to promoters to raise another Rs 1,300 crore.