Reliance Jio Infocomm on Wednesday said it plans to raise up to Rs 2,250 crore through issuance of redeemable non-convertible debentures on a private placement basis. The Mukesh Ambani-led company is looking at the commercial launch of its 4G services later this year. “… pursuant to the approval of the board of directors and shareholders, the company proposes to issue secured redeemable non-convertible debentures aggregating up to Rs2,250 crore, on a private placement basis,” the company said in a regulatory filing. Also Read - Jio Freedom Plans 2021: Jio launches 5 new prepaid plans with no daily data limit - check details
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Last May, the company had raised $750 million or about Rs 4,500 crore from a consortium backed by Korea Trade Insurance Corporation to buy telecom equipment from Samsung Electronics and Ace Technologies. Moreover, the company announced to raise Rs 4,500 crore through debentures in July. As per a Morgan Stanley research note, Reliance Jio may launch services in a couple of months and is likely to net $1 billion revenue in the current fiscal. Also Read - 5G JioPhone launch could be around Diwali this year, price to be around Rs 3,500
Reliance has so far spent $19 billion on the telecom venture, it noted. In December, Reliance Jio launched services for its employees, partners and vendors on a trial basis. It has 0.56 million users with average monthly data usage per user at 18 GB.