Anil Ambani-led Reliance Group (formerly Reliance ADAG) is putting in Rs 1,300 crore into its flagship telecom firm Reliance Communications Ltd (RCom) through preferential allotment of equity convertible warrants, as per a stock market disclosure.
This is part of the previous announcement in June where the firm had said it is raising $1 billion through a mix of institutional placement and preferential allotment to the promoter.
Promoter group company, Telecom Infrastructure Finance Private Limited is picking 86.6 million warrants at Rs 150 each. Reliance Group has already coughed up half of the amount or Rs 650 crore ($106 million) and the remaining 50 per cent will be paid upon the conversion of warrants into equity on or before March 31, 2015.
