Reliance Communications (RCOM) has secured Rs 6.5 billion as the first installment payment from its promoter entity, Telecom Infrastructure Finance Private in consideration of the preferential allotment of 86.7 million warrants worth Rs 13 billion. RCOM expects to receive the remaining payment of Rs 6.5 billion by March 2015. The operator issued the warrants after seeking shareholders? approval in July 2014.
The warrants were issued at a price of Rs 150, which includes a premium of Rs 145. The proceeds from the warrants will be used to repay existing debt.
RCOM had earlier raised about Rs 48 billion through the sale of 338 million shares priced at Rs 142.14 per share to the institutions under a private placement route.
