Reliance Communications (RCom), the Indian operator owned by billionaire Anil Ambani, has raised around Rs61bn (US$1bn) through a share sale to institutions and a preferential issue.
RCom was initially aiming to gain around US$500m, but strong demand…
Reliance Communications (RCom), the Indian operator owned by billionaire Anil Ambani, has raised around Rs61bn (US$1bn) through a share sale to institutions and a preferential issue.
RCom was initially aiming to gain around US$500m, but strong demand meant it was able to double its target, according to multiple reports.
The company could not be reached to comment on the matter.
RCom kick-started the sales earlier this week by offering shares at Rs142.13 (US$2.36) each to institutional buyers. This represented a 5% discount to the floor price.
The operator also issued 86.7 million share warrants at Rs5 each to its promoters to raise around US$217m.
Proceeds from the placement and allotment will be used to pare its debt load, which stood at Rs402bn (US$6.8bn) as of 31 March.
India’s fourth-largest wireless player has been looking to trim its liabilities in various ways in recent months, including asset sales and network sharing agreements.
