New Delhi: Reliance Communications, India’s fourth-largest telecom operator, raised Rs 4,800 crore from a share sale to institutional investors, the biggest QIP fund-raising by a private firm. RCom, headed by billionaire Anil Ambani, will also raise Rs 1,300 crore by issuing warrants to its promoters, which along with the QIP proceeds would go to trimming the firm’s huge debt. The company, which opened the qualified institutional placement (QIP) at a price of Rs 142.13 a share, got total bids of more than Rs 12,000 crore, of which it retained Rs 4,800 crore, sources told PTI. The QIP is bigger than previous institutional fund raising by Adani (Rs 4,000 crore) and GMR (Rs 3,966 crore). After the QIP, promoter shareholding in RCom will drop to 60 % from 67 % while foreign holding will be 23 %. The fund raising will help the company reduce its debt that has doubled to Rs 40,177.6 crore in four years.

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