Reliance Communications Ltd allots shares to TIFPL

Reliance Communications Ltd had announced earlier about the allotment of 8,66,66,667 Warrants to Telecom Infrastructure Finance Private Limited (TIFPL), a Promoter Group company. The Company has now received balance Rs.650 crore from TIFPL and it has exercised its right to subscribe equity shares against said Warrants which were issued at an issue price of Rs 150 per Warrant (including a premium of Rs 145 per equity share).

The Committee of Directors at their meeting held on January 20, 2015 have allotted 8,66,66,667 equity shares to TIFPL, against Warrants issued to them. As a result, the Promoter Group's holding has gone up to 59.70% from existing 58.25%.

The Paid up share capital of the Company is increased from Rs. 1201.16 crore to Rs. 1244.49 crore.

Shares of RELIANCE COMMUNICATIONS LTD. was last trading in BSE at Rs.80.55 as compared to the previous close of Rs. 79.65. The total number of shares traded during the day was 1255338 in over 12227 trades.

The stock hit an intraday high of Rs. 82.25 and intraday low of 79.1. The net turnover during the day was Rs. 101335854.

Source : Equity Bulls

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