Reliance Jio Infocomm to raise Rs15,000 crore through a rights issue

NEW DELHI: Mukesh Ambani-led Reliance Jio Infocomm Limited (RJIL) has said that it will raise Rs.15,000 crore through a rights issue to its existing shareholders.

"The board at its meeting on Monday approved a further issue of 15 billion equity shares of Rs.10 each totalling Rs.15,000 crore to existing shareholders," said RJIL while informing to BSE (Bombay Stock Exchange).

Recently, Mukesh Ambani-led RJIL has launched its 4G services in India for its employees and it expected, the company will begin the commercial roll-out of the service from March-April.

Interestingly, Telecom arm of Reliance Industries Ltd (RIL) did not disclose why it was raising such a large sum.

On the other hand, the company has also announced a spectrum sharing and trading agreement with Anil Ambani-led Reliance Communications (RCom), that will bolster its indoor coverage and seamless voice services.

Lastly, RJIL has already invested over Rs 1 lakh crore in RJIL.