Reliance Communications raises Rs. 650 Crore from subscription of Warrants on Preferential Issue

The Committee of Directors of Reliance Communications Ltd on August 07, 2014 have allotted 8,66,66,667 Warrants entitling for subscription of equivalent number of equity shares of Rs. 5/- each at a price of Rs. 150/- per Warrant (including a premium of Rs. 145 per equity share) as per provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009.

The Company has received Rs. 650 crore from Telecom Infrastructure Finance Private Limited equivalent to 50% of the issue price of the Warrants and balance amount of Rs. 650 crore will be received upon exercising right to subscribe equity shares against said Warrants on or before March 31, 2015.

As the Company has allotted Warrants, there is no change in the Paid up share capital of the Company.

Shares of RELIANCE COMMUNICATIONS LTD. was last trading in BSE at Rs.129.1 as compared to the previous close of Rs. 129.95. The total number of shares traded during the day was 896284 in over 11615 trades.

The stock hit an intraday high of Rs. 131.4 and intraday low of 128.1. The net turnover during the day was Rs. 116330860.

Source : Equity Bulls

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