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.

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