Reliance Communications (R-Com) Thursday said it has received Rs.650 crore as the first installment from Telecom Infrastructure Finance for preferential allotment of 86.7 million warrants costing Rs.1,300 crore. Also Read - RCom to go for insolvency resolution process after failure to repay debt
The balance Rs.650 crore will be received before March 31, 2015, R-Com said in a filing to the Bombay Stock Exchange (BSE). “The company has received Rs.650 crore from Telecom Infrastructure Finance Pvt. Ltd equivalent to 50 percent of the issue price of the equity shares upon allotment of warrants and balance amount of Rs.650 crore will be received on or before 31 March 2015,” the company said. Also Read - Reliance Communications completes sale of fibre assets to Reliance Jio
Following a shareholders resolution passed on July 24, the committee of directors Thursday allotted 86.7 million warrants to a promoter group firm Telecom Infrastructure Finance. The warrants entitle an equivalent number of equity shares of Rs.5 each at a price of Rs.150 per share, including a premium of Rs.145 a share. Also Read - Reliance Communications is selling more bands to Jio to put off debts
Reliance Communication stock closed Thursday at Rs.129.10 a share, 0.85 points, or 0.65 percent, lower than its previous close on the BSE.