Telecom Infrastructure Finance, the promoter group entity of Reliance Communications, has infused half of its R1,300-crore planned investments and plans to invest the remaining amount before the end of the current fiscal.
The company has allotted 8.67 crore convertible warrants by way of preferential route on Thursday at a price of R150 per share, RCom said in a press statement.
The preferential share allotment is in addition to the company’s recent qualified institutional placement (QIP) exercise, which saw it raise R4,800 crore. The company had planned to raise a total of R6,100 crore this fiscal, which it will use to trim its debt.
The telecom major has been trying to raise money for quite sometime now but hasn’t found success in the recent past to reduce debt.