RCom receives Rs 650 crore from the promoter group

Reliance Communications (RCom) has received the first installment of Rs 650 crore from the promoter group -- Telecom Infrastructure Finance -- for preferential allotment of 8.67 crore warrants aggregating Rs 1,300 crore. The remaining Rs 650 crore will be received by the firm before March 31, 2015. The proceeds of the preferential issue will be used to reduce debt.

Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.