Reliance Jio to raise Rs 15,000 crore via rights issue for installing 4G sevices

By: |
New Delhi | January 18, 2016 11:19 PM

Gearing up to launch its 4G services, Reliance Jio Infocomm ltd (RJIL) today said it will raise Rs 15,000 crore through rights issue to its existing shareholders.

Reliance jioRealiance Jio has plans to offer 4G service at a monthly charge of Rs 300-500 and start commercial service with 4G mobile phones priced as low as Rs 4,000 a unit. (Reuters)

Gearing up to launch its 4G services, Reliance Jio Infocomm ltd (RJIL) today said it will raise Rs 15,000 crore through rights issue to its existing shareholders.

The company in a regulatory filing said its board has approved the rights issue in a meeting held today.

“…the Board of Directors…approved further issue of 15,00,00,00,000 equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing equity shareholders of the company on rights basis,” the filing said.

The company also announced a spectrum sharing and trading agreement with Reliance Communications, that will bolster its indoor coverage and seamless voice services.

Reliance Industries (RIL) has already invested over Rs 1 lakh crore in RJIL.

The company has plans to offer 4G service at a monthly charge of Rs 300-500 and start commercial service with 4G mobile phones priced as low as Rs 4,000 a unit.

The company is present in all 29 states of India, with a direct physical presence in nearly 18,000 cities and towns of the country and covers over one lakh villages.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Fortum divests stake in 500 MW solar projects in India to Actis
2New e-commerce rules may hinder business growth of companies, say experts
3Artificial Intelligence: Pandemic has forced enterprises to innovate, says Viswanath Ramaswamy, V-P, Technology, IBM Technology Sales