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E-mail ID will not be published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

  • If the first 17 editions of Saarc were tragedies, Kathmandu was a sham

    Rarely has a regional grouping such as the South Asian Association of Regional Cooperation (Saarc) promised so much and delivered so little.

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

Varun Dutt

By the power of wind, let there be light

In India, the development of wind power began in the ...

Zehra Naqvi

Being unrealistic can be good for you

Depression is a term that most people use very casually ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture