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Reliance Communications on Monday said its group entity Telecom Infrastructure Finance Pvt Ltd has paid Rs 650 crore to it, thereby increasing promoter's holding to 59.7 per cent in the company.
"The committeeof directors at their meeting held today have allotted 8,66,66,667 equityshares to TIFPL, against Warrants issued to them. As a result, the promoter Group's holding has gone up to 59.70 per cent from existing 58.25 per cent," RCom said in a filing to Bombay Stock Exchange.
The proceeds from TIFPL are expected to be utilised by RCom to lower its debt which stood at Rs 36,334 crore in the second quarter ended September 30, 2014.On July 24, the company's shareholders had approved issuing of preferential shares of over 8.6 crore to TIFPL.
On August 7,it had paid Rs 650 crore, which was 50 per cent of the issue price of the warrants. The balance Rs 650 crore was to be paid whenever firm would exercise right to subscribe equity shares against the warrants on or before March 31,2015.
RCom has now received balance Rs 650 crore from TIFPL and it has exercised its right to subscribe equity shares against said warrants which were issued at an issue price of Rs 150 per warrant, the statement said.
