RCom gains on receiving Rs 650 crore from the promoter group

 

      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.
     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.
     The promoters holding in the company stood at 58.25 % while Institutions and Non-Institutions held 31.85 % and 9.67 % respectively.
     The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 164.45 on 20-Sep-2013 and a 52 week low of Rs. 105.80 on 28-Aug-2013.
     Last one week high and low of the scrip stood at Rs. 138.65 and Rs. 129.35 respectively. The current market cap of the company is Rs. 31326.16 crore.
     The scrip opened at Rs. 129.70 and has touched a high and low of Rs. 131.40 and Rs. 128.10 respectively. So far 669435 shares were traded on the counter.
     Reliance Communications (RCOM) is currently trading  at Rs. 129.45, down by 0.50 points or 0.38% from its previous closing of Rs. 129.95 on the BSE.