RCom to seek shareholders’ nod for raising funds
September 27th, 2010 - 10:37 pm ICT by IANSNew Delhi, Sep 27 (IANS) Reliance Communications (RCom) will ask its shareholders for approval for raising funds through issue equity at its annual general meeting (AGM) Tuesday, the company’s annual report stated Monday.
The issue of the Qualified Institutional Placement (QIP) securities will not result in increase of the earlier equity share capital of the company by more than 15 percent, the report stated.
Earlier, the company had approved induction of private equity investors for an upto 26 percent stake at an appropriate premium to the prevailing market price.
The company also paid Rs.8,585.04 crore for securing 3G spectrum in 13 circles, including the national capital and Mumbai.
The company’s scrip closed at Rs.169.60 on the Bombay Stock Exchange, with no change from the previous day’s close.
If the fund raising plans are approved, then the RCom will become the second Anil Dhrubhai Ambani Group after Reliance Broadcast Network Limited (RBNL), whose shareholders had agreed to the proposal of raising over Rs.400 crore by allotting five crore shares to promoters and other entities.
- Reliance Broadcast shareholders give nod for fund raising - Sep 27, 2010
- Reliance Communications raises $255 mn for part-finance of 3G loan - Jan 18, 2011
- Reliance Broadcast Network soars on fund raising plans - Sep 02, 2010
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Institutional placements were flavour of 2009 at Indian markets - Dec 11, 2009
- Reliance Capital pact with Nippon in areas beyond insurance - Sep 01, 2011
- High Court approves RNRL merger with R-Power - Oct 15, 2010
- Reliance Communications gets RBI nod for refinancing FCCBs - Feb 16, 2012
- RIL profit falls 13.55 percent, to buy back shares - Jan 20, 2012
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
- Anil Ambani group scrips end higher on plan announcements - Sep 28, 2010
- Aban Offshore to raise Rs.697 cr via private placement - Nov 18, 2009
- Ansal Properties to raise Rs.4,500 crore - Jun 15, 2009
- Prospects bright for qualified institutional placements: Report - Sep 09, 2009
- Reliance MediaWorks income up 12.6 percent - May 30, 2011
Tags: anil, annual general meeting, bombay stock exchange, broadcast network, circles, crore, equity share capital, induction, institutional placement, issue equity, network limited, New Delhi, nod, percent stake, private equity investors, promoters, rcom, reliance, scrip, shareholders