Reliance Jio to raise Rs 1,000 cr via NCDs to fund expansion

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Mumbai | Published: August 1, 2015 12:26:58 AM

On Thursday, the company had said it would raise Rs 3,500 crore through debentures. With the latest announcement, the cumulative debt raised by the company this fiscal has touched Rs 9,000 crore

Reliance Jio Infocomm (RJIL), the telecom business arm of Mukesh Ambani-led Reliance Industries, will raise Rs 1,000 crore through non-convertible debenture to fund its business expansion, the company said in a stock exchange statement on Friday.

“Pursuant to the approval of the board of directors and shareholders, the company proposes to issue secured redeemable non-convertible debentures aggregating up to Rs 1,000 crore, on private placement basis,” Reliance Jio Infocomm said in a regulatory statement. The company had on Thursday said it would raise Rs 3,500 crore through debentures. With the latest announcement, the cumulative debt raised by the company this fiscal has touched Rs 9,000 crore.

The company in May had raised $750 million (Rs 4,500 crore) from a consortium that included Korea Trade Insurance Corporation to buy telecom equipment from Samsung Electronics and Ace Technologies.

According to RIL latest annual report, the company plans to invest over Rs 1 lakh crore in RJIL. The company, which has pan-India permit for 4G service, is currently testing its networks and will begin the commercial rollout in December.

The company is now present in all the states, with a direct physical presence in nearly 18,000 cities and towns of the country and covers over one lakh villages.

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