India's youngest telecom operator Reliance Jio Infocomm Ltd. plans to raise Rs 20,000 crore through a rights issue from its parent Reliance Industries Ltd.
The Mukesh Ambani-backed operator is offering 400 crore non-cumulative optionally convertible preference shares at Rs 50 each to RIL, according to a stock exchange filing.
The latest infusion will take RIL's total investment in the telecom arm to Rs 2.1 lakh crore, according to data compiled by BloombergQuint.
The rights shall be either redeemed at Rs 50 or converted into 5 equity shares at the option of the company within 10 years from the date of allotment, the filing said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
