Gearing up to launch its 4G services, Reliance Jio Infocomm (RJIL) on Monday said it will raise Rs 15,000 crore through rights issue to its existing shareholders. The company in a regulatory filing said its board has approved the rights issue in a meeting.
“...the Board of Directors...approved a further issue of 15,00,00,00,000 equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing equity shareholders of the company on rights basis,” the filing said.
The company also announced a spectrum sharing and trading agreement with Reliance Communications, that will bolster its indoor coverage and seamless voice services. Reliance Industries (RIL) has already invested over Rs 1 lakh crore in RJIL.
The company has plans to offer 4G service at a monthly charge of Rs 300-500 and start commercial service with 4G mobile phones priced as low as Rs 4,000 a unit. The company is present in all 29 states of India, with a direct physical presence in nearly 18,000 cities and towns of the country and covers over one lakh villages.