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[August 08, 2014]
RCOM GETS RS650 CRORE FROM PROMOTER GROUP
(Indian Business Insight Via Acquire Media NewsEdge) A promoter group has invested Rs650 crore, the first instalment, in Reliance Communications (RCom). The company has received the amount from Telecom Infrastructure Finance Pvt Ltd. This is half of the total of Rs1,300 crore the company is raising from promoters through preferential allotment of shares. RCom expects to receive the remaining amount by 31 Mar 2015. RCom will use the proceeds to reduce its high-cost rupee debt, which will help it make interest savings of more than Rs800 crore a year. As of end-March 2014, RCom had a debt of Rs40,000 crore, but brought it down to Rs34,000 crore following the fund-raising initiatives.
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