Reliance Communications raises over Rs 4,800 crore through sale of shares

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Reliance Communications Ltd, India’s fourth-largest telecom operator, has raised over $800 million from sale of shares to institutional investors.

The company got total bids of more than Rs 12,000 crore, half of which it has decided to retain. About Rs 4,800 crore (over $800 million) came from sale of shares to institutional investors, sources said.

Reliance Communications will also raise Rs 1,300 crore by issuing warrants to its founders. This will help the company reduce its debt that has doubled to Rs 40,177.6 crore in four years.