Reliance Industries' (RIL) telecom arm - Reliance Jio Infocomm (Jio) has received an approval to raise Rs 20,000 crore through rights issue in order to meet funding requirements. The board of directors at its meeting held on July 20, 2017 has approved for the same.
The board approved to make a rights issue of four billion - nine 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 20,000 crore.
Reliance Industries (RIL) is India's largest private sector company. The company's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.