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. 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. Meanwhile, RCOM has received approval from its shareholders for the demerger of its optic fibre division and subsequent merger with its wholly owned subsidiary, Reliance Infratel.
