RCOM to raise USD500m through QIP

25 Jun 2014

Reliance Communication (RCOM) is planning to raise INR30 billion (USD498.33 million) through a share sale to institutional investors in an effort to trim its debt burden, the Economic Times writes, citing a notice to the Bombay Stock Exchange (BSE). RCOM will open a qualified institutional placement (QIP) at INR142.13 per share on Tuesday. According to an unnamed source with knowledge of the details, Edelweiss and Axis Bank have been appointed as bankers for the QIP, which will dilute Anil Ambani’s Reliance Group’s stake in RCOM, reducing its 67.8% holding by around 1%.

India, Reliance Communications (RCOM)