RCom raises Rs 4,808 cr in share sale to institutional buyers

Tags: News
Reliance Communications (RCom) today said it raised about Rs 4,808 crore by selling shares to institutional investors to help trim debt.

India's fourth-largest telecom operator announced plans to sell securities through a qualified institutional placement (QIP) on June 24, the biggest such fund-raising by a private firm.

At a meeting today, the QIP committee of the board of directors closed the issue and approved the sale of 33.8 crore equity shares of face value of Rs 5 each to qualified institutional buyers at Rs 142.14 apiece, aggregating about Rs 4,808 crore, Mumbai-based RCom said in a BSE filing.

The issue had opened on June 24.

RCom shares fell 0.34 per cent to Rs 145.50 at the close on the BSE.

The company had a net debt of Rs 40,177.6 crore in the quarter ended March 31.

For the quarter ended March 31, RCom posted a 48.5 per cent dip in consolidated net profit to Rs 156 crore from a year earlier. Revenue increased 5.36 per cent to Rs 5,405 crore.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture