Reliance Jio Infocomm, the telecom venture of Reliance Industries Limited (RIL), is planning to raise Rs 15,000 crore through rights issue, the company informed the National Stock Exchange on Monday. The Mukesh Ambani-owned company, in a notice, said that the issue will be open to all existing shareholders. Jio’s board has already given a nod for the issuance of equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing shareholders of the company on rights basis.
The company, which launched 4G services for its employees in December last year, has a capital expenditure (capex) plan of Rs 1,00,000 crore by the time it starts operations.
According to media reports, Joo has so far spent Rs 85,000 crore a significant portion of which was spent on airwaves across spectrum bands.
Jio is widely expected to commence commercial services around April this year. Jio earlier today inked a spectrum buying and sharing agreement with Anil Ambani-led Reliance Communications. Media reports said that the spectrum sharing and trading deals are likely to cost the company around Rs 4,500 crore.