Reliance Jio to raise Rs 15,000 Cr
Reliance Jio
in its board meeting held on Monday has decided to raise Rs 15,000 crore through rights issue.
On July 14, 2016 the board of directors of Reliance Jio had agreed to issue 15,00,00,00,000 equity shares of Rs 10 each aggregating to Rs 15,000 crore on rights issue basis.
The board of directors at its meeting held on September 12, 2016 has decided to make rights issue of 3,00,00,00,000 - 9 per cent Non-Cumulative Optionally Convertible Preference Shares (OCPS) of Rs 10 each for cash, at a premium of Rs 40 per OCPS, aggregating to Rs 15,000 crore in substitution of the earlier rights issue of equity shares of the company approved by the board at its meeting held on July 14, 2016.
Each OCPS shall be either redeemed at a value of Rs 50 per OCPS or converted into 5 equity shares of Rs 10 each at any time at the option of the company, but not later than 10 years from the date of allotment of OCPS.
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