Reliance Industries will infuse another Rs 15,000 crore in its telecom arm Jio through a rights issue, reported PTI. “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 said in a regulatory filing.
The issue is expected to be completed in the next three months. 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.
Billionaire Mukesh Ambani-led Reliance Industries is said to have invested about Rs 1,30,000 crore in its telecom arm including the investment on spectrum or airwaves; and the total investment may top Rs 1,50,000 crore.
The company is slated to launch the much-talked about high-speed broadband and 4G telecom services in coming weeks. It is already offering services for a limited number of users on a trial basis, integrating spectrum and testing the network.
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