NEW DELHI: Billionaire Mukesh Ambani-led Reliance Industries (RIL) will infuse another Rs 15,000 crore in its telecom arm, Reliance Jio Infocomm Limited (RJIL), through a rights issue.The issue is expected to be completed in the next three months.
“We wish to inform you that the Board of Directors of the company at their meeting held on July 14 approved further issue of 1,500 crore equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing equity shareholders of the company on rights basis,” the company informed BSE Ltd. (Bombay Stock Exchange).
The rights issue, which follows a similar size issue in January this year, will increase the equity of Reliance Jio to Rs 60,000 crore from Rs 45,000 crore, making it one of the most capitalised telecom companies in India.
The telecom unit of Ambani’s Reliance Industries, has so far invested Rs 1,30,000 crore in its telecom arm including spectrum payout to Reliance Communications.s. The company has guided for a capital expenditure of Rs 1,50,000 crore until the commercial launch of Reliance Jio.