Reliance Communications stated on Friday that its shareowners have sanctioned increasing funds from institutional investors via sale of shares valued at nearly Rs.15, 000crore at present market rate.
Shares issuance by means of QIP would be restricted, where the rise is not of over 25% in the company’s issued and pledged equity resources.
The company would increase as high as Rs.15, 000crore by the supposed sale of shares.
RCOM did not reveal the amount it decided to increase or the shares it would sell.
The supposed issuance of securities is for intensification of the company’s economic position for planned contribution in the forthcoming sale of the radio waves for opening 3G and WiMax facilities all over the nation.
Company’s shares traded at Rs.292.80 on Sensex, low at 0.10% from the earlier close.