Reliance Communications (RCOM) is planning to raise about $500 million worth of funds through the qualified institutional placement (QIP) route. The company is yet to seek shareholder approval to garner funds from qualified institutional investors either through a share sale or an issue of a variety of instruments including fully convertible, partly convertible or non-convertible debentures with warrants, or any other security. The funds will be utilised to finance the company’s plans to participate in the upcoming auction of frequency spectrum for 3G and Wi-Max services.
