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RCom to seek shareholders’ approval for raising funds at AGM

New Delhi, Sep 27 (Calcutta Tube) 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.

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