Reliance Infocomm plans to raise fresh capital worth Rs 37.5 billion by March 2005.

Reliance Infocomm plans to raise fresh capital worth Rs 37.5 billion by March 2005. The fund-raising exercise could take the form of preference shares, equity or equity-like instruments such as convertible bonds. The company has made a commitment to a syndicate of banks including ABN Amro, ANZ Bank, DBS Bank and ICICI Bank to raise these funds latest by the end of financial year 2005. The company also plans to raise Rs 72.92 billion in fresh bank borrowings in the coming year. These funds are needed to boost its asset base from Rs 70.6 billion to Rs 177.46 billion at the end of March 2005, an increase of Rs 106.7 billion. The company is expected to fund this asset creation by raising fresh equity capital of Rs 37.5 billion and by borrowing Rs 72.92 billion from banks.