Telecom Infrastructure Finance to invest Rs 650 crore in RCOM

Telecom Infrastructure Finance, a promoter group company plans to invests Rs 650 crore in RCOM (Reliance Communications).

Pursuant to the resolution passed by the shareholders of the company at an extra ordinary general meeting held on July 24, 2014, the committee of directors have alloted today, 8.67 crore warrants, which entitle equivalent number of equity shares of Rs 5 each at a price of Rs 150 per share (including a premium of Rs 145 per share) aggregating to Rs 1,300 crore to Telecom Infrastructure Finance Private Limited, a promoter group company, as per provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009.

The company has received Rs 650 crore ($ 108 million) from Telecom Infrastructure Finance Private Limited equivalent to 50 percent of the issue price of the equity shares upon allotment of warrants and balance amount of Rs 650 crore (US$ 108 Mn) will be received on or before March 31, 2015. Promoter Group is investing at Rs 150 per equity share.

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