Promoters pump in Rs.650 crore into RCom

Reliance Communications Ltd. (RCom) said it had received the first instalment of Rs.650 crore from its promoters Telecom Infrastructure Finance Private Ltd., towards preferential allotment of 8.67-crore warrants for a total consideration of Rs.1,300 crore. “The Rs.650 crore is equivalent to 50 per cent of the issue price of the equity shares upon allotment of warrants and the balance amount of Rs.650 crore will be received on or before March 31, 2015. Promoter group is investing at Rs.150 per share,” RCom said in a filing to the stock exchanges. The proceeds will be utilised to reduce the company debt.