Reliance Communications (RCOM) is planning to seek approval from its shareholders to raise funds through to undertake the qualified institutional placement (QIP) with the qualified institutional buyers (QIBs).
The move comes in line with its increasing requirements for funds to enhance its global competitiveness and its ability to compete with the peer groups in the domestic and international markets. RCOM is of the view that these funds are also required to strengthen its financial position and net worth.
In June 2014, the company raised around Rs 48 billion from a share sale to institutional investors.
